<SEC-DOCUMENT>0000891092-12-001913.txt : 20120402
<SEC-HEADER>0000891092-12-001913.hdr.sgml : 20120402
<ACCEPTANCE-DATETIME>20120402163901
ACCESSION NUMBER:		0000891092-12-001913
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20120131
FILED AS OF DATE:		20120402
DATE AS OF CHANGE:		20120402
EFFECTIVENESS DATE:		20120402

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNIYIELD MICHIGAN QUALITY 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:		12733751

	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:	BLACKROCK MUNIYIELD MICHIGAN INSURED FUND, INC.
		DATE OF NAME CHANGE:	20070611

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>e47776ncsrs.htm
<DESCRIPTION>SEMI-ANNUAL REPORT
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<P STYLE="font: 12pt/normal Times New Roman; margin-top: 0; text-align: center; margin-bottom: 0">UNITED
STATES</P>

<P STYLE="font: 12pt/normal Times New Roman; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: center">SECURITIES
AND EXCHANGE COMMISSION </P>

<P STYLE="font: 12pt/normal Times New Roman; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: center">Washington,
D.C. 20549</P>

<P STYLE="font: 10pt/20.75pt Times New Roman, Times, Serif; margin: 0 0 0 78pt">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: center"><B>FORM
N-CSR</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/normal Times New Roman; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: center"><B>CERTIFIED SHAREHOLDER
REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0">Investment Company Act file
number 811-07080</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0">Name of Fund: BlackRock MuniYield
Michigan Quality Fund, Inc. (MIY)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0">Fund Address: 100 Bellevue
Parkway, Wilmington, DE 19809</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Name and address of agent
for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniYield Michigan Quality Fund, Inc., 55 East 52<SUP>nd</SUP>
Street, New York, NY 10055</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0">Registrant&rsquo;s telephone
number, including area code: (800) 882-0052, Option 4</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0">Date of fiscal year end: 07/31/2012</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0">Date of reporting period:
01/31/2012</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0">&nbsp;</P>

<P STYLE="font: 11pt/11pt Times New Roman, Times, Serif; margin: 0 0 11pt">Item 1 &ndash; Report to Stockholders</P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"> <IMG SRC="blackrocklogo.jpg" ALT=""></TD>
    <TD STYLE="width: 50%; text-align: right; vertical-align: middle"><P> <B><FONT color="#231f20"></FONT></B></P>

<P> <B>January 31, 2012</B></P>

<P><B><FONT STYLE="color: #231f20"></FONT></B></P></TD></TR>
</TABLE><BR>

<BR> <p></P>
<P STYLE="text-align: left; margin-top: 72pt; font: 18pt Times New Roman, Times, Serif; background-color: rgb(57,76,135); color: White; padding-top: 12pt; padding-bottom: 12pt; padding-left: 12pt">Semi-Annual
Report (Unaudited)</P>
<P STYLE="text-align: left; margin-left: 12pt; margin-top: 0; margin-bottom: 72pt"> BlackRock MuniHoldings California Quality Fund, Inc. (MUC)<BR>
<BR>
BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)<BR>
<BR>
BlackRock MuniYield Investment Quality Fund (MFT)<BR>
<BR>
BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)<BR>
<BR>
BlackRock MuniYield New Jersey Quality Fund, Inc. (MJI)<BR>
<BR>
BlackRock MuniYield Pennsylvania Quality Fund (MPA)</P>
<P STYLE="text-align: center; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin-right: 50%"> <B>Not FDIC Insured &#149; No Bank Guarantee &#149; May Lose Value</B></P>
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<DIV STYLE="page-break-before: always;">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
     <TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<BR>
<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"> <FONT color=#394c87>Table of Contents</FONT></P>
<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD STYLE="text-align: right; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp; </TD>
     <TD STYLE="text-align: right; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)"> <B><FONT color=#394c87>Page</FONT></B></TD> </TR>
<TR>
     <TD colspan=2>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=61%> <A HREF="#a_015">Dear Shareholder</A></TD>
     <TD align=right width=38%> 3</TD> </TR>
<TR valign="bottom">
     <TD align=left width=61%> <B>Semi-Annual Report:</B></TD>
     <TD align=left width=38%>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=61%> <A HREF="#a_002">Municipal Market Overview</A></TD>
     <TD align=right width=38%> 4</TD> </TR>
<TR valign="bottom">
     <TD align=left width=61%> <A HREF="#a_003">Fund Summaries</A></TD>
     <TD align=right width=38%> 5</TD> </TR>
<TR valign="bottom">
     <TD align=left width=61%> <A HREF="#a_017">The Benefits and Risks of Leveraging</A></TD>
     <TD align=right width=38%> 11</TD> </TR>
<TR valign="bottom">
     <TD align=left width=61%> <A HREF="#a_005">Derivative Financial Instruments</A></TD>
     <TD align=right width=38%> 11</TD> </TR>
<TR valign="bottom">
     <TD align=left width=61%> Financial Statements:</TD>
     <TD align=left width=38%>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=61% style="text-indent: 6px"> <A HREF="#a_006">Schedules of Investments</A></TD>
     <TD align=right width=38%> 12</TD> </TR>
<TR valign="bottom">
     <TD align=left width=61% style="text-indent: 6px"> <A HREF="#a_007">Statements of Assets and Liabilities</A></TD>
     <TD align=right width=38%> 33</TD> </TR>
<TR valign="bottom">
     <TD align=left width=61% style="text-indent: 6px"> <A HREF="#a_008">Statements of Operations</A></TD>
     <TD align=right width=38%> 34</TD> </TR>
<TR valign="bottom">
     <TD align=left width=61% style="text-indent: 6px"> <A HREF="#a_009">Statements of Changes in Net Assets</A></TD>
     <TD align=right width=38%> 35</TD> </TR>
<TR valign="bottom">
     <TD align=left width=61% style="text-indent: 6px"> <A HREF="#a_010">Statements of Cash Flows</A></TD>
     <TD align=right width=38%> 38</TD> </TR>
<TR valign="bottom">
     <TD align=left width=61%> <A HREF="#a_011">Financial Highlights</A></TD>
     <TD align=right width=38%> 39</TD> </TR>
<TR valign="bottom">
     <TD align=left width=61%> <A HREF="#a_018">Notes to Financial Statements</A></TD>
     <TD align=right width=38%> 45</TD> </TR>
<TR valign="bottom">
     <TD align=left width=61%> <A HREF="#a_013">Officers and Directors</A></TD>
     <TD align=right width=38%> 53</TD> </TR>
<TR valign="bottom">
     <TD align=left width=61%> <A HREF="#a_014">Additional Information</A></TD>
     <TD align=right width=38%> 54</TD> </TR> </TABLE><BR>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<BR>

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<DIV STYLE="margin-right: 2%; width: 58%; float: left;"><A NAME="a_015"></A>

<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"> <FONT color=#394c87></A>Dear Shareholder</FONT></P>
<P style="text-align: left;"> Early in 2011, global financial market action was dominated by political revolutions in the Middle East and North Africa, soaring prices of oil and other commodities, and natural disasters in Japan resulting in global supply chain disruptions. But corporate earnings were strong and the global economic recovery appeared to be on track. Investors demonstrated steadfast confidence as risk assets, including equities, commodities and high yield bonds, charged forward. Markets reversed sharply in May, however, when escalating political strife in Greece rekindled fears about sovereign debt problems spreading across Europe. Concurrently, global economic indicators signaled that the recovery had slowed. Confidence was further shaken by the prolonged debt ceiling debate in Washington, DC. On August 5th, Standard &amp; Poor&#146;s downgraded the US government&#146;s credit rating and turmoil erupted in financial markets around the world. Extraordinary levels of volatility persisted in the months that followed as Greece teetered on the brink of default, debt problems escalated in Italy and Spain, and exposure to European sovereign bonds stressed banks globally. Financial markets whipsawed on hopes and fears. Macro news flow became a greater influence on trading decisions than the fundamentals of the securities traded, resulting in highly correlated asset prices. By the end of the third quarter, equity markets had fallen nearly 20% from their April peak while safe-haven assets such as US Treasuries and gold had rallied to historic highs.</P>
<P style="text-align: left;"> October brought enough positive economic data to assuage fears of a global double-dip recession. Additionally, European leaders began to show progress toward stemming the region&#146;s debt crisis. Investors came back from the sidelines and risk assets rallied through the month. Eventually, a lack of definitive details about Europe&#146;s rescue plan raised doubts among investors and thwarted the rally at the end of October. The last two months of 2011 saw political instability in Greece, unsustainable yields on Italian bonds, and US policymakers in gridlock over budget issues. Global central bank actions and improving economic data invigorated investors, but confidence was easily tempered by sobering news flow. Sentiment improved in the New Year as investors saw bright spots in global economic data, particularly from the United States, China and Germany. International and emerging markets rebounded strongly through January. US stocks rallied on solid improvement in the domestic labor market and indications from the Federal Reserve that interest rates would remain low through 2014. Nonetheless, investors maintained caution as US corporate earnings began to weaken and a European recession appeared inevitable.</P>
<P style="text-align: left;"> US equities and high yield bonds recovered their late-summer losses and posted positive returns for both the 6- and 12-month periods ended January 31, 2012. International markets, however, experienced some significant downturns in 2011 and remained in negative territory despite a strong rebound at the end of the period. Fixed income securities benefited from declining yields and delivered positive returns for the 6- and 12-month periods. US Treasury bonds outperformed other fixed income classes despite their quality rating downgrade, while municipal bonds also delivered superior results. Continued low short-term interest rates kept yields on money market securities near their all-time lows.</P>
<P style="text-align: left;"> Many of the themes that caused uncertainty in 2011 remain unresolved. For investors, the risks are daunting. BlackRock remains committed to helping you keep your financial goals on track in this challenging environment.</P>
<P STYLE="text-align: left; margin-bottom: 0"> Sincerely,</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="kapito_sig.jpg" ALT=""></P>

<P STYLE="text-align: left; margin-top: 0pt"><B>Rob Kapito<br></B>President, BlackRock Advisors, LLC</P>


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<BR></DIV><DIV style="margin-left: 2%; width: 38%; float: right;">

<p><IMG SRC="robkapito.jpg" ALT=""></p>

<P style="text-align: left;"> <I>&#147;BlackRock remains committed to helping you keep your financial goals on track in this challenging environment.&#148;</I></P>
<P style="text-align: left;"><B>Rob Kapito</B><BR>
President, BlackRock Advisors, LLC</P>
<P STYLE="text-align: left; border-top: rgb(57,76,165) 2pt solid; padding-top: 12pt"> <B>Total Returns as of January 31, 2012</B></P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial">
<TR valign="bottom">
     <TD bgcolor="#000000" align=left width=44% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD BGCOLOR="#000000" ALIGN="LEFT" WIDTH="28%" COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center"> <FONT color="#ffffff">6-month</FONT></TD>
     <TD BGCOLOR="#000000" ALIGN="LEFT" WIDTH="25%" COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center"> <FONT color="#ffffff">12-month</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left width=44%> US large cap equities</TD>
     <TD align=right width=21%> 2.71</TD>
     <TD align=left width=7%> %</TD>
     <TD align=right width=18%> 4.22</TD>
     <TD align=left width=7%> %</TD> </TR>
<TR valign="bottom">
     <TD align=left width=44% style="border-bottom:1px solid #000000;"> (S&amp;P 500<SUP>&#174; </SUP>Index)</TD>
     <TD align=left width=21% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=7% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=18% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=7% style="border-bottom:1px solid #000000;">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=44%> US small cap equities</TD>
     <TD align=right width=21%> 0.22</TD>
     <TD align=left width=7%>&nbsp; </TD>
     <TD align=right width=18%> 2.86</TD>
     <TD align=left width=7%>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=44% style="border-bottom:1px solid #000000;"> (Russell 2000<SUP>&#174; </SUP>Index)</TD>
     <TD align=left width=21% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=7% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=18% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=7% style="border-bottom:1px solid #000000;">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=44%> International equities</TD>
     <TD align=right width=21%> (10.42</TD>
     <TD align=left width=7%> )</TD>
     <TD align=right width=18%> (9.59</TD>
     <TD align=left width=7%> )</TD> </TR>
<TR valign="bottom">
     <TD align=left width=44%> (MSCI Europe, Australasia,</TD>
     <TD align=left width=21%>&nbsp; </TD>
     <TD align=left width=7%>&nbsp; </TD>
     <TD align=left width=18%>&nbsp; </TD>
     <TD align=left width=7%>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=44% style="border-bottom:1px solid #000000;"> Far East Index)</TD>
     <TD align=left width=21% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=7% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=18% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=7% style="border-bottom:1px solid #000000;">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=44%> Emerging market</TD>
     <TD align=right width=21%> (9.56</TD>
     <TD align=left width=7%> )</TD>
     <TD align=right width=18%> (6.64</TD>
     <TD align=left width=7%> )</TD> </TR>
<TR valign="bottom">
     <TD align=left width=44%> equities (MSCI Emerging</TD>
     <TD align=left width=21%>&nbsp; </TD>
     <TD align=left width=7%>&nbsp; </TD>
     <TD align=left width=18%>&nbsp; </TD>
     <TD align=left width=7%>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=44% style="border-bottom:1px solid #000000;"> Markets Index)</TD>
     <TD align=left width=21% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=7% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=18% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=7% style="border-bottom:1px solid #000000;">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=44%> 3-month Treasury</TD>
     <TD align=right width=21%> 0.02</TD>
     <TD align=left width=7%>&nbsp; </TD>
     <TD align=right width=18%> 0.09</TD>
     <TD align=left width=7%>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=44%> bill (BofA Merrill Lynch</TD>
     <TD align=left width=21%>&nbsp; </TD>
     <TD align=left width=7%>&nbsp; </TD>
     <TD align=left width=18%>&nbsp; </TD>
     <TD align=left width=7%>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=44%> 3-Month Treasury</TD>
     <TD align=left width=21%>&nbsp; </TD>
     <TD align=left width=7%>&nbsp; </TD>
     <TD align=left width=18%>&nbsp; </TD>
     <TD align=left width=7%>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=44% style="border-bottom:1px solid #000000;"> Bill Index)</TD>
     <TD align=left width=21% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=7% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=18% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=7% style="border-bottom:1px solid #000000;">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=44%> US Treasury securities</TD>
     <TD align=right width=21%> 10.81</TD>
     <TD align=left width=7%>&nbsp; </TD>
     <TD align=right width=18%> 18.49</TD>
     <TD align=left width=7%>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=44%> (BofA Merrill Lynch 10-</TD>
     <TD align=left width=21%>&nbsp; </TD>
     <TD align=left width=7%>&nbsp; </TD>
     <TD align=left width=18%>&nbsp; </TD>
     <TD align=left width=7%>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=44% style="border-bottom:1px solid #000000;"> Year US Treasury Index)</TD>
     <TD align=left width=21% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=7% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=18% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=7% style="border-bottom:1px solid #000000;">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=44%> US investment grade</TD>
     <TD align=right width=21%> 4.25</TD>
     <TD align=left width=7%>&nbsp; </TD>
     <TD align=right width=18%> 8.66</TD>
     <TD align=left width=7%>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=44%> bonds (Barclays</TD>
     <TD align=left width=21%>&nbsp; </TD>
     <TD align=left width=7%>&nbsp; </TD>
     <TD align=left width=18%>&nbsp; </TD>
     <TD align=left width=7%>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=44%> Capital US Aggregate</TD>
     <TD align=left width=21%>&nbsp; </TD>
     <TD align=left width=7%>&nbsp; </TD>
     <TD align=left width=18%>&nbsp; </TD>
     <TD align=left width=7%>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=44% style="border-bottom:1px solid #000000;"> Bond Index)</TD>
     <TD align=left width=21% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=7% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=18% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=7% style="border-bottom:1px solid #000000;">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=44%> Tax-exempt municipal</TD>
     <TD align=right width=21%> 7.25</TD>
     <TD align=left width=7%>&nbsp; </TD>
     <TD align=right width=18%> 14.40</TD>
     <TD align=left width=7%>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=44%> bonds (S&amp;P Municipal</TD>
     <TD align=left width=21%>&nbsp; </TD>
     <TD align=left width=7%>&nbsp; </TD>
     <TD align=left width=18%>&nbsp; </TD>
     <TD align=left width=7%>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=44% style="border-bottom:1px solid #000000;"> Bond Index)</TD>
     <TD align=left width=21% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=7% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=18% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=left width=7% style="border-bottom:1px solid #000000;">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=44%> US high yield bonds</TD>
     <TD align=right width=21%> 1.84</TD>
     <TD align=left width=7%>&nbsp; </TD>
     <TD align=right width=18%> 5.81</TD>
     <TD align=left width=7%>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=44%> (Barclays Capital US</TD>
     <TD align=left width=21%>&nbsp; </TD>
     <TD align=left width=7%>&nbsp; </TD>
     <TD align=left width=18%>&nbsp; </TD>
     <TD align=left width=7%>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD align=left width=44%> Corporate High Yield 2%</TD>
     <TD align=left width=21%>&nbsp; </TD>
     <TD align=left width=7%>&nbsp; </TD>
     <TD align=left width=18%>&nbsp; </TD>
     <TD align=left width=7%>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD ALIGN="LEFT" WIDTH="44%" STYLE="border-bottom: Black 1pt solid"> Issuer Capped Index)</TD>
     <TD ALIGN="LEFT" WIDTH="21%" STYLE="border-bottom: Black 1pt solid">&nbsp; </TD>
     <TD ALIGN="LEFT" WIDTH="7%" STYLE="border-bottom: Black 1pt solid">&nbsp; </TD>
     <TD ALIGN="LEFT" WIDTH="18%" STYLE="border-bottom: Black 1pt solid">&nbsp; </TD>
     <TD ALIGN="LEFT" WIDTH="7%" STYLE="border-bottom: Black 1pt solid">&nbsp; </TD> </TR> </TABLE><BR>
<P STYLE="text-align: left; font-size: 8pt; border-bottom: Black 2pt solid"> Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.</P>


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<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"> <FONT color=#394c87><A NAME="a_002"></A>Municipal Market Overview</FONT></P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>For the 12-Month Period Ended January 31, 2012</FONT></B></P>
<P style="text-align: left;"> One year ago, the municipal bond market was steadily recovering from a difficult fourth quarter of 2010 that brought severe losses amid a steepening US Treasury yield curve and a flood of inflated headlines about municipal finance troubles. Retail investors had lost confidence in municipals and retreated from the market. Political uncertainty surrounding the midterm elections and tax policies exacerbated the situation. These conditions combined with seasonal illiquidity weakened willful market participation from the trading community. December 2010 brought declining demand with no comparable reduction in supply as issuers rushed their deals to market before the Build America Bond program was retired. This supply-demand imbalance led to wider quality spreads and higher yields for municipal bonds heading into 2011.</P>
<IMG src="sarx4x1.jpg" border=0>
<BR>
<P style="text-align: left;"> Demand is usually strong at the beginning of a new year, but retail investors continued to move away from municipal mutual funds in the first half of 2011. From the middle of November 2010, outflows persisted for 29 consecutive weeks, totaling &#36;35.1 billion before the trend finally broke in June 2011. However, weak demand was counterbalanced by lower supply in 2011. According to Thomson Reuters, new issuance was down 32% in 2011 as compared to the prior year. While these technical factors were improving, municipalities were struggling to balance their budgets, although the late-2010 predictions for widespread municipal defaults did not materialize. Other concerns that resonated at the beginning of the year, such as rising interest rates, weakening credits and higher rates of inflation, abated as these scenarios also did not come to fruition.</P>
<P style="text-align: left;"> On August 5th, 2011, Standard &amp; Poor&#146;s (&#147;S&amp;P&#148;) downgraded the US government&#146;s credit rating from AAA to AA+. While this led to the downgrade of approximately 11,000 municipal issues directly tied to the US debt rating, this represented a very small fraction of the municipal market and said nothing about the individual municipal credits themselves. In fact, demand for municipal bonds increased as severe volatility in US equities drove investors to more stable asset classes. The municipal market benefited from an exuberant Treasury market and continued muted new issuance. As supply remained constrained, demand from both traditional and non-traditional buyers was strong, pushing long-term municipal bond yields lower and sparking a curve-flattening trend that continued through year end. Ultimately, 2011 was one of the strongest performance years in municipal market history. The S&amp;P Municipal Bond Index returned 10.62% in 2011, making municipal bonds a top-performing fixed income asset class for the year.</P>
<P style="text-align: left;"> Supply and demand technicals continued to be favorable in January 2012. Overall, the municipal yield curve flattened during the period from January 31, 2011 to January 31, 2012. As measured by Thomson Municipal Market Data, yields declined by 161 basis points (&#147;bps&#148;) to 3.17% on AAA-rated 30-year municipal bonds and by 163 bps to 1.68% on 10-year bonds, while yields on 5-year issues fell 117 bps to 0.68%. While the entire municipal curve flattened over the 12-month time period, the spread between 2- and 30-year maturities tightened by 120 bps, and in the 2- to 10-year range, the spread tightened by 124 bps.</P>
<P style="text-align: left;"> The fundamental picture for municipalities continues to improve. Austerity has been the general theme across the country, while a small number of states continue to rely on a &#147;kick-the-can&#148; approach to close their budget shortfalls, with aggressive revenue projections and accounting gimmicks. The market&#146;s technical factors are also improving as demand outpaces supply in what is historically a light issuance period. It has been over a year since the first highly publicized interview about the fiscal problems plaguing state and local governments. Thus far, the prophecy of widespread defaults across the municipal market has not materialized. In 2011, there were fewer municipal defaults than seen in 2010. Throughout 2011 monetary defaults in the S&amp;P Municipal Bond Index totaled roughly &#36;805 million, representing less than 0.48% of the index. BlackRock maintains the view that municipal bond defaults will remain in the periphery and the overall market is fundamentally sound. We continue to recognize that careful credit research and security selection remain imperative amid uncertainty in this economic environment.</P>
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<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0 width="100%">
<TR vAlign=bottom>
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT STYLE="color: #394c87"><A NAME="a_003"></A>Fund Summary
     <FONT STYLE="font-size: 10pt">as of January 31, 2012</FONT></FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"><B><FONT color=#394c87>BlackRock MuniHoldings California Quality Fund, Inc.</FONT></B></TD></TR></TABLE><BR>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394c87>Fund Overview</FONT></B></P>
<P style="TEXT-ALIGN: left"><B>BlackRock MuniHoldings California Quality Fund, Inc.&#146;s (MUC) (the &#147;Fund&#148;)</B> investment
objective is to provide shareholders with current income exempt from federal and California income taxes. The Fund seeks to achieve
its investment objective by investing primarily in municipal obligations exempt from federal income taxes (except that the interest
may be subject to the federal alternative minimum tax) and California income taxes. Under normal market conditions, the Fund invests
at least 80% of its assets in investment grade municipal obligations with remaining maturities of one year or more at the time
of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.</P>
<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 9pt">No assurance can be given that the Fund&#146;s
investment objective will be achieved.</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394c87>Performance</FONT></B></P>
<P style="TEXT-ALIGN: left">For the six months ended January 31, 2012, the Fund returned 22.03% based on market price and 14.84% based on net asset value (&#147;NAV&#148;). For the same period, the closed-end Lipper California Municipal Debt Funds category posted an average return of 21.02% based on market price and 14.53% based on NAV. All returns reflect reinvestment of dividends. The Fund's discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Fund&#146;s slightly long duration (sensitivity to interest rate movements) had a positive impact on performance as interest rates generally declined amid the investor flight-to-quality in the US Treasury market. Increased exposure to inverse floating rate instruments (tender option bonds) while the municipal yield curve was historically steep boosted the Fund&#146;s income accrual. The Fund&#146;s holdings of higher quality essential service revenue bonds contributed positively, as did holdings of select general obligation bonds and school district credits with stronger underlying fundamentals. Additionally, purchases of zero-coupon bonds deemed undervalued added to the Fund&#146;s total return.</P>
<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 9pt">The views expressed reflect the opinions of
BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394c87>Fund Information</FONT></B></P>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0 width="100%">
<TR vAlign=bottom>
     <TD width="64%" align=left>Symbol on New York Stock Exchange (&#147;NYSE&#148;)</TD>
     <TD width="35%" align=center>MUC</TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>Initial Offering Date</TD>
     <TD width="35%" align=center>February 27, 1998</TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>Yield on Closing Market Price as of January 31, 2012 ($15.55)<SUP>1</SUP></TD>
     <TD width="35%" align=center>5.90%</TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>Tax Equivalent Yield<SUP>2</SUP></TD>
     <TD width="35%" align=center>9.08%</TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>Current Monthly Distribution per Common Share<SUP>3</SUP></TD>
     <TD width="35%" align=center>$0.0765</TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>Current Annualized Distribution per Common Share<SUP>3</SUP></TD>
     <TD width="35%" align=center>$0.9180</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="64%" align=left>Economic Leverage as of January 31, 2012<SUP>4</SUP></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" align=center>41%</TD></TR></TABLE><BR>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>1</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>2</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Tax equivalent yield assumes the maximum federal tax rate of 35%. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>3</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">The Monthly Distribution per Common Share, declared on March 1, 2012, was increased to $0.0790 per share. The Yield on Closing Market Price, Current Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>4</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Represents Auction Market Preferred Shares (&#147;AMPS&#148;) and tender option bond trusts (&#147;TOBs&#148;) as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to AMPS and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 11. </TD></TR></TABLE>
<P style="TEXT-ALIGN: left">The table below summarizes the changes in the Fund&#146;s market price and NAV per share:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="border-top: Black 1pt solid; text-align: left; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-top: Black 1pt solid; text-align: left; border-bottom: Black 1px solid; text-align: center"><B>1/31/12</B></TD>
     <TD STYLE="border-top: Black 1pt solid; text-align: left; border-bottom: Black 1px solid; text-align: center"><B>7/31/11</B></TD>
     <TD STYLE="border-top: Black 1pt solid; text-align: right; border-bottom: Black 1px solid; text-align: center"><B>Change</B></TD>
     <TD STYLE="border-top: Black 1pt solid; text-align: center; border-bottom: Black 1px solid; text-align: center"><B>High</B></TD>
     <TD STYLE="border-top: Black 1pt solid; text-align: center; border-bottom: Black 1px solid; text-align: center"><B>Low</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-align: left">Market Price</TD>
     <TD STYLE="text-align: left; text-align: center">$15.55</TD>
     <TD STYLE="text-align: left; text-align: center">$13.15</TD>
     <TD STYLE="text-align: right; text-align: center">18.25%</TD>
     <TD STYLE="text-align: center; text-align: center">$15.57</TD>
     <TD STYLE="text-align: center; text-align: center">$12.90</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: left">Net Asset Value</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">$15.88</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">$14.27</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; text-align: center">11.28%</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; text-align: center">$15.88</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; text-align: center">$14.27</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left">The following charts show the sector and credit quality allocations of the Fund&#146;s long-term investments:</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394c87>Sector Allocations</FONT></B></P>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0 width="100%">
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1px solid; width: 64%; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 20%; text-align: center"><B>1/31/12</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 14%; text-align: center"><B>7/31/11</B></TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>County/City/Special District/School District</TD>
     <TD WIDTH="20%" ALIGN="CENTER" STYLE="text-align: center">&nbsp;&nbsp;&nbsp;38%</TD>
     <TD WIDTH="14%" ALIGN="CENTER" STYLE="text-align: center">&nbsp;&nbsp;&nbsp;37%</TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>Utilities</TD>
     <TD WIDTH="20%" ALIGN="RIGHT" STYLE="text-align: center">27</TD>
     <TD WIDTH="14%" ALIGN="RIGHT" STYLE="text-align: center">30</TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>Education</TD>
     <TD WIDTH="20%" ALIGN="RIGHT" STYLE="text-align: center">12</TD>
     <TD WIDTH="14%" ALIGN="RIGHT" STYLE="text-align: center">11</TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>Transportation</TD>
     <TD WIDTH="20%" ALIGN="RIGHT" STYLE="text-align: center">11</TD>
     <TD WIDTH="14%" ALIGN="RIGHT" STYLE="text-align: center">12</TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>Health</TD>
     <TD WIDTH="20%" ALIGN="RIGHT" STYLE="text-align: center">7</TD>
     <TD WIDTH="14%" ALIGN="RIGHT" STYLE="text-align: center">4</TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>State</TD>
     <TD WIDTH="20%" ALIGN="RIGHT" STYLE="text-align: center">5</TD>
     <TD WIDTH="14%" ALIGN="RIGHT" STYLE="text-align: center">2</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="64%" align=left>Corporate</TD>
     <TD WIDTH="20%" ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center">&#151;<SUP>5</SUP></TD>
     <TD WIDTH="14%" ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center">4</TD></TR></TABLE><BR>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>5</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Representing less than 1% of the Fund&#146;s long-term investments. </TD></TR></TABLE>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394c87>Credit Quality Allocations</FONT></B><B><SUP><FONT color=#394c87>6</FONT></SUP></B></P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1px solid; width: 64%; text-align: left">&nbsp;</TD>
     <TD STYLE="width: 20%; border-bottom: Black 1px solid; text-align: center"><B>1/31/12</B></TD>
     <TD STYLE="width: 14%; border-bottom: Black 1px solid; text-align: center"><B>7/31/11</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">AAA/Aaa</TD>
     <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;17%</TD>
     <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">AA/Aa</TD>
     <TD STYLE="text-align: center">65</TD>
     <TD STYLE="text-align: center">64</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">A</TD>
     <TD STYLE="text-align: center">17</TD>
     <TD STYLE="text-align: center">17</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">BBB/Baa</TD>
     <TD STYLE="text-align: center">1</TD>
     <TD STYLE="text-align: center">5</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Not Rated</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">9</TD></TR></TABLE><BR>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>6</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Using the higher of Standard &amp; Poor&#146;s (&#147;S&amp;P&#146;s&#148;) or Moody&#146;s Investors Service (&#147;Moody&#146;s&#148;) ratings. </TD></TR></TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT STYLE="color: #394c87">Fund Summary
     <FONT STYLE="font-size: 10pt">as of January 31, 2012</FONT></FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"> <B><FONT color=#394c87>BlackRock MuniHoldings New Jersey Quality Fund, Inc.</FONT></B></TD> </TR> </TABLE><BR>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Fund Overview</FONT></B></P>
<P style="text-align: left;"><B>BlackRock MuniHoldings New Jersey Quality Fund, Inc.&#146;s (MUJ) (the &#147;Fund&#148;)</B> investment
objective is to provide shareholders with current income exempt from federal income tax and New Jersey personal income taxes.
The Fund seeks to achieve its investment objective by investing primarily in long-term, investment grade municipal obligations
exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and New Jersey
personal income taxes. Under normal market conditions, the Fund invests at least 80% of its assets in municipal obligations with
remaining maturities of one year or more at the time of investment. The Fund may invest directly in such securities or synthetically
through the use of derivatives.</P>
<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 9pt"> No assurance can be given that the Fund&#146;s investment objective will be achieved.</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Performance</FONT></B></P>
<P style="text-align: left;"> For the six months ended January 31, 2012, the Fund returned 18.23% based on market price and 13.71% based on NAV. For the same period, the closed end Lipper New Jersey Municipal Debt Funds category posted an average return of 20.36% based on market price and 13.24% based on NAV. All returns reflect reinvestment of dividends. The Fund's discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. During the period, the Fund benefited from the declining interest rate environment (bond prices rise as interest rates fall), the flattening of the yield curve (long interest rates fell more than short and intermediate rates) and tightening of credit spreads. The Fund&#146;s exposure to zero-coupon bonds and the health sector had a positive impact on performance as these holdings derived the greatest benefit from the decline in interest rates and spread tightening during the period.</P>
<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 9pt"> The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Fund Information</FONT></B></P>
<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD align=left width=64%> Symbol on NYSE</TD>
     <TD align=center width=35%> MUJ</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Initial Offering Date</TD>
     <TD align=center width=35%> March 11, 1998</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Yield on Closing Market Price as of January 31, 2012 (&#36;15.77)<SUP>1</SUP></TD>
     <TD align=center width=35%> 5.63%</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Tax Equivalent Yield<SUP>2</SUP></TD>
     <TD align=center width=35%> 8.66%</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Current Monthly Distribution per Common Share<SUP>3</SUP></TD>
     <TD align=center width=35%> &#36;0.074</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Current Annualized Distribution per Common Share<SUP>3</SUP></TD>
     <TD align=center width=35%> &#36;0.888</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64% style="border-bottom:1px solid #000000;"> Economic Leverage as of January 31, 2012<SUP>4</SUP></TD>
     <TD align=center width=35% style="border-bottom:1px solid #000000;"> 37%</TD> </TR> </TABLE><BR>
<TABLE border=0 cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR>
     <TD nowrap valign=top width="2%"> <SUP>1</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.    </TD> </TR>
<TR>
     <TD nowrap valign=top width="2%"> <SUP>2</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> Tax equivalent yield assumes the maximum federal tax rate of 35%. </TD> </TR>
<TR>
     <TD nowrap valign=top width="2%"> <SUP>3</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> The distribution rate is not constant and is subject to change.   </TD> </TR>
<TR>
     <TD nowrap valign=top width="2%"> <SUP>4</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> Represents Variable Rate Demand Preferred Shares (&#147;VRDP Shares&#148;) and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 11.  </TD> </TR> </TABLE>
<P style="text-align: left;"> The table below summarizes the changes in the Fund&#146;s market price and NAV per share:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 1px solid; border-top: Black 1pt solid">&nbsp; </TD>
     <TD STYLE="text-align: center; border-bottom: Black 1px solid; border-top: Black 1pt solid"> <B>1/31/12</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 1px solid; border-top: Black 1pt solid"> <B>7/31/11</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 1px solid; border-top: Black 1pt solid"> <B>Change</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 1px solid; border-top: Black 1pt solid"> <B>High</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 1px solid; border-top: Black 1pt solid"> <B>Low</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Market Price</TD>
     <TD STYLE="text-align: center"> &#36;15.77</TD>
     <TD STYLE="text-align: center"> &#36;13.74</TD>
     <TD STYLE="text-align: center"> 14.77%</TD>
     <TD STYLE="text-align: center"> &#36;15.89</TD>
     <TD STYLE="text-align: center"> &#36;13.51</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> Net Asset Value</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> &#36;16.26</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> &#36;14.73</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> 10.39%</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> &#36;16.26</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> &#36;14.73</TD> </TR> </TABLE><BR>
<P style="text-align: left;"> The following charts show the sector and credit quality allocations of the Fund&#146;s long-term investments:</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Sector Allocations</FONT></B></P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR valign="bottom">
     <TD STYLE="text-align: left; width: 64%; border-bottom: Black 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: center; width: 20%; border-bottom: Black 1px solid"> <B>1/31/12</B></TD>
     <TD STYLE="text-align: center; width: 14%; border-bottom: Black 1px solid"> <B>7/31/11</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> State</TD>
     <TD STYLE="text-align: center"> &nbsp;&nbsp;&nbsp;&nbsp;34%</TD>
     <TD STYLE="text-align: center"> &nbsp;&nbsp;&nbsp;&nbsp;31%</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Transportation</TD>
     <TD STYLE="text-align: center"> 15</TD>
     <TD STYLE="text-align: center"> 19</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Education</TD>
     <TD STYLE="text-align: center"> 12</TD>
     <TD STYLE="text-align: center"> 12</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Health</TD>
     <TD STYLE="text-align: center"> 12</TD>
     <TD STYLE="text-align: center"> 11</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> County/City/Special District/School District</TD>
     <TD STYLE="text-align: center"> 11</TD>
     <TD STYLE="text-align: center"> 14</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Utilities</TD>
     <TD STYLE="text-align: center"> 8</TD>
     <TD STYLE="text-align: center"> 5</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Housing</TD>
     <TD STYLE="text-align: center"> 5</TD>
     <TD STYLE="text-align: center"> 6</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Corporate</TD>
     <TD STYLE="text-align: center"> 2</TD>
     <TD STYLE="text-align: center"> 1</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> Tobacco</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> 1</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> 1</TD> </TR> </TABLE><BR>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Credit Quality Allocations</FONT></B><B><SUP><FONT color=#394c87>5</FONT></SUP></B></P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR valign="bottom">
     <TD STYLE="text-align: left; width: 64%; border-bottom: Black 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: center; width: 20%; border-bottom: Black 1px solid"> <B>1/31/12</B></TD>
     <TD STYLE="text-align: center; width: 14%; border-bottom: Black 1px solid"> <B>7/31/11</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> AAA/Aaa</TD>
     <TD STYLE="text-align: center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9%</TD>
     <TD STYLE="text-align: center"> &nbsp;&nbsp;&nbsp;&nbsp;11%</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> AA/Aa</TD>
     <TD STYLE="text-align: center"> 50</TD>
     <TD STYLE="text-align: center"> 45</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> A</TD>
     <TD STYLE="text-align: center"> 29</TD>
     <TD STYLE="text-align: center"> 30</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> BBB/Baa</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> 12</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> 14</TD> </TR> </TABLE><BR>
<TABLE border=0 cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR>
     <TD nowrap valign=top width="2%"> <SUP>5</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> Using the higher of S&amp;P&#146;s and Moody&#146;s ratings.      </TD> </TR> </TABLE>
<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">JANUARY 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT STYLE="color: #394c87">Fund Summary
     <FONT STYLE="font-size: 10pt">as of January 31, 2012</FONT></FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"> <B><FONT color=#394c87>BlackRock MuniYield Investment Quality Fund</FONT></B></TD> </TR> </TABLE><BR>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Fund Overview</FONT></B></P>
<P style="text-align: left;"><B>BlackRock MuniYield Investment Quality Fund&#146;s (MFT) (the &#147;Fund&#148;)</B> investment
objective is to provide shareholders with as high a level of current income exempt from federal income taxes as is consistent
with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing
at least 80% of its assets in municipal obligations exempt from federal income taxes (except that the interest may be subject
to the federal alternative minimum tax). Under normal market conditions, the Fund invests primarily in long-term municipal obligations
that are investment grade quality at the time of investment. The Fund may invest directly in such securities or synthetically
through the use of derivatives.</P>
<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 9pt"> No assurance can be given that the Fund&#146;s investment objective will be achieved.</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Performance</FONT></B></P>
<P style="text-align: left;"> For the six months ended January 31, 2012, the Fund returned 23.88% based on market price and 16.39% based on NAV. For the same period, the closed-end Lipper General &amp; Insured Municipal Debt Funds (Leveraged) category posted an average return of 21.10% based on market price and 13.67% based on NAV. All returns reflect reinvestment of dividends. The Fund's discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. As the yield curve flattened during the period (longer-term interest rates fell more than shorter rates), rising bond prices in the long end of the municipal curve contributed positively to the Fund&#146;s performance. The Fund&#146;s longer-dated holdings in the health, transportation and education sectors experienced the best price appreciation.</P>
<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 9pt"> The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Fund Information</FONT></B></P>
<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD align=left width=64%> Symbol on NYSE</TD>
     <TD align=center width=35%> MFT</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Initial Offering Date</TD>
     <TD align=center width=35%> October 30, 1992</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Yield on Closing Market Price as of January 31, 2012 (&#36;14.89)<SUP>1</SUP></TD>
     <TD align=center width=35%> 5.72%</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Tax Equivalent Yield<SUP>2</SUP></TD>
     <TD align=center width=35%> 8.80%</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Current Monthly Distribution per Common Share<SUP>3</SUP></TD>
     <TD align=center width=35%> &#36;0.071</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Current Annualized Distribution per Common Share<SUP>3</SUP></TD>
     <TD align=center width=35%> &#36;0.852</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64% style="border-bottom:1px solid #000000;"> Economic Leverage as of January 31, 2012<SUP>4</SUP></TD>
     <TD align=center width=35% style="border-bottom:1px solid #000000;"> 39%</TD> </TR> </TABLE><BR>
<TABLE border=0 cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR>
     <TD nowrap valign=top width="2%"> <SUP>1</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.    </TD> </TR>
<TR>
     <TD nowrap valign=top width="2%"> <SUP>2</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> Tax equivalent yield assumes the maximum federal tax rate of 35%. </TD> </TR>
<TR>
     <TD nowrap valign=top width="2%"> <SUP>3</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> The distribution rate is not constant and is subject to change.   </TD> </TR>
<TR>
     <TD nowrap valign=top width="2%"> <SUP>4</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> Represents Variable Rate Muni Term Preferred Shares (&#147;VMTP Shares&#148;) and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 11.       </TD> </TR> </TABLE>
<P style="text-align: left;"> The table below summarizes the changes in the Fund&#146;s market price and NAV per share:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 1px solid; border-top: Black 1pt solid">&nbsp; </TD>
     <TD STYLE="text-align: center; border-bottom: Black 1px solid; border-top: Black 1pt solid"> <B>1/31/12</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 1px solid; border-top: Black 1pt solid"> <B>7/31/11</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 1px solid; border-top: Black 1pt solid"> <B>Change</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 1px solid; border-top: Black 1pt solid"> <B>High</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 1px solid; border-top: Black 1pt solid"> <B>Low</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Market Price</TD>
     <TD STYLE="text-align: center"> &#36;14.89</TD>
     <TD STYLE="text-align: center"> &#36;12.39</TD>
     <TD STYLE="text-align: center"> 20.18%</TD>
     <TD STYLE="text-align: center"> &#36;14.95</TD>
     <TD STYLE="text-align: center"> &#36;12.05</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> Net Asset Value</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> &#36;15.13</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> &#36;13.40</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> 12.91%</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> &#36;15.13</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> &#36;13.40</TD> </TR> </TABLE><BR>
<P style="text-align: left;"> The following charts show the sector and credit quality allocations of the Fund&#146;s long-term investments:</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Sector Allocations</FONT></B></P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR valign="bottom">
     <TD STYLE="text-align: left; width: 64%; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: center; width: 20%; border-bottom: #000000 1px solid"> <B>1/31/12</B></TD>
     <TD STYLE="text-align: center; width: 14%; border-bottom: #000000 1px solid"> <B>7/31/11</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Utilities</TD>
     <TD STYLE="text-align: center"> &nbsp;&nbsp;&nbsp;29%</TD>
     <TD STYLE="text-align: center"> &nbsp;&nbsp;&nbsp;30%</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> County/City/Special District/School District</TD>
     <TD STYLE="text-align: center"> 23</TD>
     <TD STYLE="text-align: center"> 23</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Transportation</TD>
     <TD STYLE="text-align: center"> 22</TD>
     <TD STYLE="text-align: center"> 18</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Health</TD>
     <TD STYLE="text-align: center"> 11</TD>
     <TD STYLE="text-align: center"> 13</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> State</TD>
     <TD STYLE="text-align: center"> 8</TD>
     <TD STYLE="text-align: center"> 9</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Education</TD>
     <TD STYLE="text-align: center"> 4</TD>
     <TD STYLE="text-align: center"> 3</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Housing</TD>
     <TD STYLE="text-align: center"> 2</TD>
     <TD STYLE="text-align: center"> 3</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> Tobacco</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> 1</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> 1</TD> </TR> </TABLE><BR>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Credit Quality Allocations</FONT></B><B><SUP><FONT color=#394c87>5</FONT></SUP></B></P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR valign="bottom">
     <TD STYLE="text-align: left; width: 64%; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: center; width: 20%; border-bottom: #000000 1px solid"> <B>1/31/12</B></TD>
     <TD STYLE="text-align: center; width: 14%; border-bottom: #000000 1px solid"> <B>7/31/11</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> AAA/Aaa</TD>
     <TD STYLE="text-align: center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8%</TD>
     <TD STYLE="text-align: center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4%</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> AA/Aa</TD>
     <TD STYLE="text-align: center"> 74</TD>
     <TD STYLE="text-align: center"> 13</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> A</TD>
     <TD STYLE="text-align: center"> 16</TD>
     <TD STYLE="text-align: center"> 69</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> BBB/Baa</TD>
     <TD STYLE="text-align: center"> 2</TD>
     <TD STYLE="text-align: center"> 8</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> Not Rated</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> &#151;<SUP>6</SUP></TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> 6</TD> </TR> </TABLE><BR>
<TABLE border=0 cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR>
     <TD nowrap valign=top width="2%"> <SUP>5</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.       </TD> </TR>
<TR>
     <TD nowrap valign=top width="2%"> <SUP>6</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2012, the market value of these securities was &#36;285,650, representing less than 1% of the Fund&#146;s long-term investments.     </TD> </TR> </TABLE>
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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">JANUARY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT STYLE="color: #394c87">Fund Summary
     <FONT STYLE="font-size: 10pt">as of January 31, 2012</FONT></FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"> <B><FONT color=#394c87>BlackRock MuniYield Michigan Quality Fund, Inc.</FONT></B></TD> </TR> </TABLE><BR>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Fund Overview</FONT></B></P>
<P style="text-align: left;"><B>BlackRock MuniYield Michigan Quality Fund, Inc.&#146;s (MIY) (the &#147;Fund&#148;)</B> investment
objective is to provide shareholders with as high a level of current income exempt from federal and Michigan income taxes as is
consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective
by investing at least 80% of its assets in municipal obligations exempt from federal income taxes (except that the interest may
be subject to the federal alternative minimum tax) and Michigan income taxes. Under normal market conditions, the Fund invests
primarily in long-term municipal obligations that are investment grade quality at the time of investment. The Fund may invest
directly in such securities or synthetically through the use of derivatives.</P>
<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 9pt"> No assurance can be given that the Fund&#146;s investment objective will be achieved.</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Performance</FONT></B></P>
<P style="text-align: left;"> For the six months ended January 31, 2012, the Fund returned 20.52% based on market price and 12.28% based on NAV. For the same period, the closed-end Lipper Michigan Municipal Debt Funds category posted an average return of 19.01% based on market price and 12.19% based on NAV. All returns reflect reinvestment of dividends. The Fund's discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. During the period, the Fund benefited from the declining interest rate environment (bond prices rise as interest rates fall), the flattening of the yield curve (long interest rates fell more than short and intermediate rates) and tightening of credit spreads. The Fund&#146;s exposure to zero-coupon bonds and the health sector had a positive impact on performance as these holdings derived the greatest benefit from the decline in interest rates and spread tightening during the period.</P>
<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 9pt"> The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Fund Information</FONT></B></P>
<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD align=left width=64%> Symbol on NYSE</TD>
     <TD align=center width=35%> MIY</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Initial Offering Date</TD>
     <TD align=center width=35%> October 30, 1992</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Yield on Closing Market Price as of January 31, 2012 (&#36;15.63)<SUP>1</SUP></TD>
     <TD align=center width=35%> 5.87%</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Tax Equivalent Yield<SUP>2</SUP></TD>
     <TD align=center width=35%> 9.03%</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Current Monthly Distribution per Common Share<SUP>3</SUP></TD>
     <TD align=center width=35%> &#36;0.0765</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Current Annualized Distribution per Common Share<SUP>3</SUP></TD>
     <TD align=center width=35%> &#36;0.9180</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64% style="border-bottom:1px solid #000000;"> Economic Leverage as of January 31, 2012<SUP>4</SUP></TD>
     <TD ALIGN="RIGHT" WIDTH="35%" STYLE="border-bottom: #000000 1px solid; text-align: center"> 36%</TD> </TR> </TABLE><BR>
<TABLE border=0 cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR>
     <TD nowrap valign=top width="2%"> <SUP>1</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.    </TD> </TR>
<TR>
     <TD nowrap valign=top width="2%"> <SUP>2</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> Tax equivalent yield assumes the maximum federal tax rate of 35%. </TD> </TR>
<TR>
     <TD nowrap valign=top width="2%"> <SUP>3</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> The distribution rate is not constant and is subject to change.   </TD> </TR>
<TR>
     <TD nowrap valign=top width="2%"> <SUP>4</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> Represents VRDP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 11.      </TD> </TR> </TABLE>
<P style="text-align: left;"> The table below summarizes the changes in the Fund&#146;s market price and NAV per share:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 1px solid; border-top: Black 1pt solid">&nbsp; </TD>
     <TD STYLE="text-align: center; border-bottom: Black 1px solid; border-top: Black 1pt solid"> <B>1/31/12</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 1px solid; border-top: Black 1pt solid"> <B>7/31/11</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 1px solid; border-top: Black 1pt solid"> <B>Change</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 1px solid; border-top: Black 1pt solid"> <B>High</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 1px solid; border-top: Black 1pt solid"> <B>Low</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Market Price</TD>
     <TD STYLE="text-align: center"> &#36;15.63</TD>
     <TD STYLE="text-align: center"> &#36;13.39</TD>
     <TD STYLE="text-align: center"> 16.73%</TD>
     <TD STYLE="text-align: center"> &#36;15.66</TD>
     <TD STYLE="text-align: center"> &#36;12.97</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> Net Asset Value</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> &#36;15.91</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> &#36;14.63</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> &nbsp;&nbsp;8.75%</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> &#36;15.91</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> &#36;14.63</TD> </TR> </TABLE><BR>
<P style="text-align: left;"> The following charts show the sector and credit quality allocations of the Fund&#146;s long-term investments:</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Sector Allocations</FONT></B></P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR valign="bottom">
     <TD STYLE="text-align: left; width: 64%; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: center; width: 20%; border-bottom: #000000 1px solid"> <B>1/31/12</B></TD>
     <TD STYLE="text-align: center; width: 14%; border-bottom: #000000 1px solid"> <B>7/31/11</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> County/City/Special District/School District</TD>
     <TD STYLE="text-align: center"> &nbsp;&nbsp;&nbsp;&nbsp;26%</TD>
     <TD STYLE="text-align: center"> &nbsp;&nbsp; 29%</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> State</TD>
     <TD STYLE="text-align: center"> 17</TD>
     <TD STYLE="text-align: center"> &nbsp;9</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Health</TD>
     <TD STYLE="text-align: center"> 15</TD>
     <TD STYLE="text-align: center"> 13</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Utilities</TD>
     <TD STYLE="text-align: center"> 14</TD>
     <TD STYLE="text-align: center"> 16</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Education</TD>
     <TD STYLE="text-align: center"> 10</TD>
     <TD STYLE="text-align: center"> 8</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Transportation</TD>
     <TD STYLE="text-align: center"> 8</TD>
     <TD STYLE="text-align: center"> 10</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Housing</TD>
     <TD STYLE="text-align: center"> 5</TD>
     <TD STYLE="text-align: center"> 5</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> Corporate</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> 5</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> 10</TD> </TR> </TABLE><BR>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Credit Quality Allocations</FONT></B><B><SUP><FONT color=#394c87>5</FONT></SUP></B></P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR valign="bottom">
     <TD STYLE="text-align: left; width: 64%; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: center; width: 20%; border-bottom: #000000 1px solid"> <B>1/31/12</B></TD>
     <TD STYLE="text-align: center; width: 14%; border-bottom: #000000 1px solid"> <B>7/31/11</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> AAA/Aaa</TD>
     <TD STYLE="text-align: center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9%</TD>
     <TD STYLE="text-align: center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3%</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> AA/Aa</TD>
     <TD STYLE="text-align: center"> 62</TD>
     <TD STYLE="text-align: center"> 67</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> A</TD>
     <TD STYLE="text-align: center"> 26</TD>
     <TD STYLE="text-align: center"> 27</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> BBB/Baa</TD>
     <TD STYLE="text-align: center"> 2</TD>
     <TD STYLE="text-align: center"> 2</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> Not Rated<SUP>6</SUP></TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> 1</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> 1</TD> </TR> </TABLE><BR>
<TABLE border=0 cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR>
     <TD nowrap valign=top width="2%"> <SUP>5</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.       </TD> </TR>
<TR>
     <TD nowrap valign=top width="2%"> <SUP>6</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2012 and July 31, 2011, the market value of these securities was &#36;5,297,162, representing 1%, and &#36;1,064,957, representing 1%, respectively, of the Fund's long-term investments.    </TD> </TR> </TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<BR>
<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT STYLE="color: #394c87">Fund Summary
     <FONT STYLE="font-size: 10pt">as of January 31, 2012</FONT></FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"> <B><FONT color=#394c87>BlackRock MuniYield New Jersey Quality Fund, Inc.</FONT></B></TD> </TR> </TABLE><BR>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Fund Overview</FONT></B></P>
<P style="text-align: left;"><B>BlackRock MuniYield New Jersey Quality Fund, Inc.&#146;s (MJI) (the &#147;Fund&#148;)</B> investment
objective is to provide shareholders with as high a level of current income exempt from federal income taxes and New Jersey personal
income tax as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment
objective by investing at least 80% of its assets in municipal obligations exempt from federal income taxes (except that the interest
may be subject to the federal alternative minimum tax) and New Jersey personal income taxes. Under normal market conditions, the
Fund invests primarily in long-term municipal obligations that are investment grade quality at the time of investment. The Fund
may invest directly in such securities or synthetically through the use of derivatives.</P>
<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 9pt"> No assurance can be given that the Fund&#146;s investment objective will be achieved.</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Performance</FONT></B></P>
<P style="text-align: left;"> For the six months ended January 31, 2012, the Fund returned 25.38% based on market price and 13.70% based on NAV. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of 20.36% based on market price and 13.24% based on NAV. All returns reflect reinvestment of dividends. The Fund's discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. During the period, the Fund benefited from the declining interest rate environment (bond prices rise as interest rates fall), the flattening of the yield curve (long interest rates fell more than short and intermediate rates) and tightening of credit spreads. The Fund&#146;s exposure to zero-coupon bonds and the health sector had a positive impact on performance as these holdings derived the greatest benefit from the decline in interest rates and spread tightening during the period.</P>
<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 9pt"> The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Fund Information</FONT></B></P>
<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD align=left width=64%> Symbol on NYSE</TD>
     <TD align=center width=35%> MJI</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Initial Offering Date</TD>
     <TD align=center width=35%> October 30, 1992</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Yield on Closing Market Price as of January 31, 2012 (&#36;15.99)<SUP>1</SUP></TD>
     <TD align=center width=35%> 5.40%</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Tax Equivalent Yield<SUP>2</SUP></TD>
     <TD align=center width=35%> 8.31%</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Current Monthly Distribution per Common Share<SUP>3</SUP></TD>
     <TD align=center width=35%> &#36;0.072</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Current Annualized Distribution per Common Share<SUP>3</SUP></TD>
     <TD align=center width=35%> &#36;0.864</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64% style="border-bottom:1px solid #000000;"> Economic Leverage as of January 31, 2012<SUP>4</SUP></TD>
     <TD ALIGN="RIGHT" WIDTH="35%" STYLE="border-bottom: #000000 1px solid; text-align: center"> 35%</TD> </TR> </TABLE><BR>
<TABLE border=0 cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR>
     <TD nowrap valign=top width="2%"> <SUP>1</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.    </TD> </TR>
<TR>
     <TD nowrap valign=top width="2%"> <SUP>2</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> Tax equivalent yield assumes the maximum federal tax rate of 35%. </TD> </TR>
<TR>
     <TD nowrap valign=top width="2%"> <SUP>3</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> The distribution rate is not constant and is subject to change.   </TD> </TR>
<TR>
     <TD nowrap valign=top width="2%"> <SUP>4</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> Represents VRDP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 11.      </TD> </TR> </TABLE>
<p>The table below summarizes the changes in the Fund&#146;s market price and NAV per share:</p>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 1px solid; border-top: Black 1pt solid">&nbsp; </TD>
     <TD STYLE="text-align: center; border-bottom: Black 1px solid; border-top: Black 1pt solid"> <B>1/31/12</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 1px solid; border-top: Black 1pt solid"> <B>7/31/11</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 1px solid; border-top: Black 1pt solid"> <B>Change</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 1px solid; border-top: Black 1pt solid"> <B>High</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 1px solid; border-top: Black 1pt solid"> <B>Low</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Market Price</TD>
     <TD STYLE="text-align: center"> &#36;15.99</TD>
     <TD STYLE="text-align: center"> &#36;13.16</TD>
     <TD STYLE="text-align: center"> 21.50%</TD>
     <TD STYLE="text-align: center"> &#36;15.99</TD>
     <TD STYLE="text-align: center"> &#36;12.91</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> Net Asset Value</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> &#36;16.01</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> &#36;14.53</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> 10.19%</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> &#36;16.01</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> &#36;14.53</TD> </TR> </TABLE><BR>
<P style="text-align: left;"> The following charts show the sector and credit quality allocations of the Fund&#146;s long-term investments:</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Sector Allocations</FONT></B></P>
<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD align=left width=64% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD ALIGN="CENTER" WIDTH="20%" STYLE="border-bottom: #000000 1px solid; text-align: center"> <B>1/31/12</B></TD>
     <TD ALIGN="CENTER" WIDTH="14%" STYLE="border-bottom: #000000 1px solid; text-align: center"> <B>7/31/11</B></TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> State</TD>
     <TD ALIGN="CENTER" WIDTH="20%" STYLE="text-align: center"> &nbsp;&nbsp;&nbsp;&nbsp;31%</TD>
     <TD ALIGN="CENTER" WIDTH="14%" STYLE="text-align: center"> &nbsp;&nbsp;&nbsp;&nbsp;27%</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Education</TD>
     <TD ALIGN="RIGHT" WIDTH="20%" STYLE="text-align: center"> 15</TD>
     <TD ALIGN="RIGHT" WIDTH="14%" STYLE="text-align: center"> 17</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Transportation</TD>
     <TD ALIGN="RIGHT" WIDTH="20%" STYLE="text-align: center"> 13</TD>
     <TD ALIGN="RIGHT" WIDTH="14%" STYLE="text-align: center"> 12</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Health</TD>
     <TD ALIGN="RIGHT" WIDTH="20%" STYLE="text-align: center"> 11</TD>
     <TD ALIGN="RIGHT" WIDTH="14%" STYLE="text-align: center"> 10</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Utilities</TD>
     <TD ALIGN="RIGHT" WIDTH="20%" STYLE="text-align: center"> 10</TD>
     <TD ALIGN="RIGHT" WIDTH="14%" STYLE="text-align: center"> 9</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> County/City/Special District/School District</TD>
     <TD ALIGN="RIGHT" WIDTH="20%" STYLE="text-align: center"> 9</TD>
     <TD ALIGN="RIGHT" WIDTH="14%" STYLE="text-align: center"> 14</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Housing</TD>
     <TD ALIGN="RIGHT" WIDTH="20%" STYLE="text-align: center"> 6</TD>
     <TD ALIGN="RIGHT" WIDTH="14%" STYLE="text-align: center"> 7</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Corporate</TD>
     <TD ALIGN="RIGHT" WIDTH="20%" STYLE="text-align: center"> 4</TD>
     <TD ALIGN="RIGHT" WIDTH="14%" STYLE="text-align: center"> 3</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64% style="border-bottom:1px solid #000000;"> Tobacco</TD>
     <TD ALIGN="RIGHT" WIDTH="20%" STYLE="border-bottom: #000000 1px solid; text-align: center"> 1</TD>
     <TD ALIGN="RIGHT" WIDTH="14%" STYLE="border-bottom: #000000 1px solid; text-align: center"> 1</TD> </TR> </TABLE><BR>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Credit Quality Allocations</FONT></B><B><SUP><FONT color=#394c87>5</FONT></SUP></B></P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR valign="bottom">
     <TD STYLE="text-align: left; width: 64%; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: center; width: 20%; border-bottom: #000000 1px solid"> <B>1/31/12</B></TD>
     <TD STYLE="text-align: center; width: 14%; border-bottom: #000000 1px solid"> <B>7/31/11</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> AAA/Aaa</TD>
     <TD STYLE="text-align: center"> &nbsp;&nbsp;&nbsp;10%</TD>
     <TD STYLE="text-align: center"> &nbsp;&nbsp;&nbsp;10%</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> AA/Aa</TD>
     <TD STYLE="text-align: center"> 44</TD>
     <TD STYLE="text-align: center"> 44</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> A</TD>
     <TD STYLE="text-align: center"> 33</TD>
     <TD STYLE="text-align: center"> 33</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> BBB/Baa</TD>
     <TD STYLE="text-align: center"> 12</TD>
     <TD STYLE="text-align: center"> 10</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> Not Rated<SUP>6</SUP></TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> 1</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> 3</TD> </TR> </TABLE><BR>
<TABLE border=0 cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR>
     <TD nowrap valign=top width="2%"> <SUP>5</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> Using the higher of S&amp;P&#146;s and Moody&#146;s ratings.      </TD> </TR>
<TR>
     <TD nowrap valign=top width="2%"> <SUP>6</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2012 and July 31, 2011, the market value of these securities was &#36;2,063,496, representing 1%, and &#36;3,124,559, representing 3%, respectively, of the Fund&#146;s long-term investments.       </TD> </TR> </TABLE>
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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">JANUARY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<BR>
<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT STYLE="color: #394c87">Fund Summary
     <FONT STYLE="font-size: 10pt">as of January 31, 2012</FONT></FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"> <B><FONT color=#394c87>BlackRock MuniYield Pennsylvania Quality Fund</FONT></B></TD> </TR> </TABLE><BR>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Fund Overview</FONT></B></P>
<P style="text-align: left;"><B>BlackRock MuniYield Pennsylvania Quality Fund&#146;s (MPA) (the &#147;Fund&#148;)</B> investment
objective is to provide shareholders with as high a level of current income exempt from federal and Pennsylvania income taxes
as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective
by investing at least 80% of its assets in municipal obligations exempt from federal income taxes (except that the interest may
be subject to the federal alternative minimum tax) and Pennsylvania income taxes. Under normal market conditions, the Fund invests
primarily in long-term municipal obligations that are investment grade quality at the time of investment. The Fund may invest
directly in such securities or synthetically through the use of derivatives.</P>
<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 9pt"> No assurance can be given that the Fund&#146;s investment objective will be achieved.</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Performance</FONT></B></P>
<P style="text-align: left;"> For the six months ended January 31, 2012, the Fund returned 20.10% based on market price and 12.46% based on NAV. For the same period, the closed-end Lipper Pennsylvania Municipal Debt Funds category posted an average return of 16.43% based on market price and 11.62% based on NAV. All returns reflect reinvestment of dividends. The Fund's discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. During the period, municipal bond prices generally rose as the yield curve flattened and credit spreads tightened. Given these market conditions, the Fund&#146;s exposure to longer maturity bonds and lower-quality investment grade bonds had a significant positive impact on the Fund&#146;s performance for the period. The Fund&#146;s distribution yield was below the median of its Lipper category, resulting in a lower total return relative to its peers.</P>
<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 9pt"> The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Fund Information</FONT></B></P>
<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD align=left width=64%> Symbol on NYSE</TD>
     <TD align=center width=35%> MPA</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Initial Offering Date</TD>
     <TD align=center width=35%> October 30, 1992</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Yield on Closing Market Price as of January 31, 2012 (&#36;16.25)<SUP>1</SUP></TD>
     <TD align=center width=35%> 5.65%</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Tax Equivalent Yield<SUP>2</SUP></TD>
     <TD align=center width=35%> 8.69%</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Current Monthly Distribution per Common Share<SUP>3</SUP></TD>
     <TD align=center width=35%> &#36;0.0765</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Current Annualized Distribution per Common Share<SUP>3</SUP></TD>
     <TD align=center width=35%> &#36;0.9180</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; width: 64%; border-bottom: Black 1pt solid"> Economic Leverage as of January 31, 2012<SUP>4</SUP></TD>
     <TD STYLE="text-align: center; width: 35%; border-bottom: Black 1pt solid"> 35%</TD> </TR> </TABLE><BR>
<TABLE border=0 cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR>
     <TD nowrap valign=top width="2%"> <SUP>1</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.    </TD> </TR>
<TR>
     <TD nowrap valign=top width="2%"> <SUP>2</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> Tax equivalent yield assumes the maximum federal tax rate of 35%. </TD> </TR>
<TR>
     <TD nowrap valign=top width="2%"> <SUP>3</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> The distribution rate is not constant and is subject to change.   </TD> </TR>
<TR>
     <TD nowrap valign=top width="2%"> <SUP>4</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> Represents VRDP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 11.</TD> </TR> </TABLE>
<BR>
<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD align=left width=100%> The table below summarizes the changes in the Fund&#146;s market price and NAV per share:</TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR valign="bottom">
     <TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp; </TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"> <B>1/31/12</B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"> <B>7/31/11</B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"> <B>Change</B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"> <B>High</B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"> <B>Low</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Market Price</TD>
     <TD STYLE="text-align: center"> &#36;16.25</TD>
     <TD STYLE="text-align: center"> &#36;13.94</TD>
     <TD STYLE="text-align: center"> 16.57%</TD>
     <TD STYLE="text-align: center"> &#36;16.33</TD>
     <TD STYLE="text-align: center"> &#36;13.76</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid"> Net Asset Value</TD>
     <TD STYLE="text-align: center; border-bottom: Black 1pt solid"> &#36;16.34</TD>
     <TD STYLE="text-align: center; border-bottom: Black 1pt solid"> &#36;14.97</TD>
     <TD STYLE="text-align: center; border-bottom: Black 1pt solid"> &nbsp;&nbsp;9.15%</TD>
     <TD STYLE="text-align: center; border-bottom: Black 1pt solid"> &#36;16.34</TD>
     <TD STYLE="text-align: center; border-bottom: Black 1pt solid"> &#36;14.97</TD> </TR> </TABLE><BR>
<P style="text-align: left;"> The following charts show the sector and credit quality allocations of the Fund&#146;s long-term investments:</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Sector Allocations</FONT></B></P>
<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD STYLE="text-align: left; width: 64%; border-bottom: Black 1pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; width: 20%; text-align: center; border-bottom: Black 1pt solid"> <B>1/31/12</B></TD>
     <TD STYLE="text-align: left; width: 14%; text-align: center; border-bottom: Black 1pt solid"> <B>7/31/11</B></TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> County/City/Special District/School District</TD>
     <TD ALIGN="LEFT" WIDTH="20%" STYLE="text-align: center"> &nbsp;&nbsp;&nbsp;&nbsp;23%</TD>
     <TD ALIGN="LEFT" WIDTH="14%" STYLE="text-align: center"> &nbsp;&nbsp;&nbsp;&nbsp;30%</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> State</TD>
     <TD ALIGN="RIGHT" WIDTH="20%" STYLE="text-align: center"> 23</TD>
     <TD ALIGN="RIGHT" WIDTH="14%" STYLE="text-align: center"> 16</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Health</TD>
     <TD ALIGN="RIGHT" WIDTH="20%" STYLE="text-align: center"> 14</TD>
     <TD ALIGN="RIGHT" WIDTH="14%" STYLE="text-align: center"> 14</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Utilities</TD>
     <TD ALIGN="RIGHT" WIDTH="20%" STYLE="text-align: center"> 12</TD>
     <TD ALIGN="RIGHT" WIDTH="14%" STYLE="text-align: center"> 13</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Transportation</TD>
     <TD ALIGN="RIGHT" WIDTH="20%" STYLE="text-align: center"> 12</TD>
     <TD ALIGN="RIGHT" WIDTH="14%" STYLE="text-align: center"> 12</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Education</TD>
     <TD ALIGN="RIGHT" WIDTH="20%" STYLE="text-align: center"> 8</TD>
     <TD ALIGN="RIGHT" WIDTH="14%" STYLE="text-align: center"> 8</TD> </TR>
<TR valign="bottom">
     <TD align=left width=64%> Housing</TD>
     <TD ALIGN="RIGHT" WIDTH="20%" STYLE="text-align: center"> 5</TD>
     <TD ALIGN="RIGHT" WIDTH="14%" STYLE="text-align: center"> 3</TD> </TR>
<TR valign="bottom">
     <TD ALIGN="LEFT" WIDTH="64%" STYLE="border-bottom: Black 1pt solid"> Corporate</TD>
     <TD ALIGN="RIGHT" WIDTH="20%" STYLE="text-align: center; border-bottom: Black 1pt solid"> 3</TD>
     <TD ALIGN="RIGHT" WIDTH="14%" STYLE="text-align: center; border-bottom: Black 1pt solid"> 4</TD> </TR> </TABLE><BR>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Credit Quality Allocations</FONT></B><B><SUP><FONT color=#394c87>5</FONT></SUP></B></P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR valign="bottom">
     <TD STYLE="text-align: left; width: 64%; border-bottom: Black 1pt solid">&nbsp; </TD>
     <TD STYLE="text-align: center; width: 20%; border-bottom: Black 1pt solid"> <B>1/31/12</B></TD>
     <TD STYLE="text-align: center; width: 14%; border-bottom: Black 1pt solid"> <B>7/31/11</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> AA/Aa</TD>
     <TD STYLE="text-align: center"> &nbsp;&nbsp;&nbsp;80%</TD>
     <TD STYLE="text-align: center"> &nbsp;&nbsp;&nbsp;79%</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> A</TD>
     <TD STYLE="text-align: center"> 17</TD>
     <TD STYLE="text-align: center"> 17</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid"> BBB/Baa</TD>
     <TD STYLE="text-align: center; border-bottom: Black 1pt solid"> 3</TD>
     <TD STYLE="text-align: center; border-bottom: Black 1pt solid"> 4</TD> </TR> </TABLE><BR>
<TABLE border=0 cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR>
     <TD nowrap valign=top width="2%"> <SUP>5</SUP>&nbsp; &nbsp; &nbsp;         </TD>
     <TD width="98%"> Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.       </TD> </TR> </TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<BR>
<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"> <FONT color=#394c87><A NAME="a_017"></A>The Benefits and Risks of Leveraging</FONT></P>
<P style="text-align: left;"> The Funds may utilize leverage to seek to enhance the yield and NAV of their common shares (&#147;Common Shares&#148;). However, these objectives cannot be achieved in all interest rate environments.</P>
<P style="text-align: left;"> To obtain leverage, the Funds issue Auction Market Preferred Shares (&#147;AMPS&#148;), Variable Rate Demand Preferred Shares (&#147;VRDP Shares&#148;) or Variable Rate Muni Term Preferred Shares (&#147;VMTP Shares&#148;) (collectively, &#147;Preferred Shares&#148;). Preferred Shares pay dividends at prevailing short-term interest rates, and the Funds invest the proceeds in long-term municipal bonds. In general, the concept of leveraging is based on the premise that the financing cost of assets to be obtained from leverage, which will be based on short-term interest rates, will normally be lower than the income earned by each Fund on its longer-term portfolio investments. To the extent that the total assets of each Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Fund&#146;s shareholders will benefit from the incremental net income.</P>
<P style="text-align: left;"> To illustrate these concepts, assume a Fund&#146;s Common Shares capitalization is &#36;100 million and it issues Preferred Shares for an additional &#36;50 million, creating a total value of &#36;150 million available for investment in long-term municipal bonds. If prevailing short-term interest rates are 3% and long-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Fund pays dividends on the &#36;50 million of Preferred Shares based on the lower short-term interest rates. At the same time, the securities purchased by the Fund with assets received from Preferred Shares issuance earn income based on long-term interest rates. In this case, the dividends paid to holders of Preferred Shares (&#147;Preferred Shareholders&#148;) are significantly lower than the income earned on the Fund&#146;s long-term investments, and therefore the Common Shareholders are the beneficiaries of the incremental net income.</P>
<P style="text-align: left;"> If short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental net income pickup will be reduced or eliminated completely. Furthermore, if prevailing short-term interest rates rise above long-term interest rates, the yield curve has a negative slope. In this case, the Fund pays higher short-term interest rates whereas the Fund&#146;s total portfolio earns income based on lower long-term interest rates.</P>
<P style="text-align: left;"> Furthermore, the value of the Funds&#146; portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the redemption value of the Funds&#146; Preferred Shares does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Funds&#146; NAVs positively or negatively in addition to the impact on Fund performance from leverage from Preferred Shares discussed above.</P>
<P style="text-align: left;">The Funds may also leverage their assets through the use of tender option bond trusts (&#147;TOBs&#148;),
as described in Note 1 of the Notes to Financial Statements. TOB investments generally will provide the Funds with economic benefits
in periods of declining short-term interest rates, but expose the Funds to risks during periods of rising short-term interest
rates similar to those associated with Preferred Shares issued by the Funds, as described above. Additionally, fluctuations in
the market value of municipal bonds deposited into the TOB trust may adversely affect each Fund&#146;s NAV per share.</P>
<P style="text-align: left;"> The use of leverage may enhance opportunities for increased income to the Funds and Common Shareholders, but as described above, it also creates risks as short- or long-term interest rates fluctuate. Leverage also will generally cause greater changes in the Funds&#146; NAVs, market prices and dividend rates than comparable portfolios without leverage. If the income derived from securities purchased with assets received from leverage exceeds the cost of leverage, the Funds&#146; net income will be greater than if leverage had not been used. Conversely, if the income from the securities purchased is not sufficient to cover the cost of leverage, each Fund&#146;s net income will be less than if leverage had not been used, and therefore the amount available for distribution to Common Shareholders will be reduced. Each Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause a Fund to incur losses. The use of leverage may limit each Fund&#146;s ability to invest in certain types of securities or use certain types of hedging strategies, such as in the case of certain restrictions imposed by rating agencies that rate the Preferred Shares issued by the Funds. Each Fund will incur expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to the Common Shares.</P>
<P style="text-align: left;"> Under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), the Funds are permitted to issue senior securities in the form of equity securities (e.g., Preferred Shares) up to 50% of their total managed assets. In addition, each Fund voluntarily limits its economic leverage to 50% of its total managed assets for Funds with AMPS or 45% for Funds with VRDPs or VMTPs. As of January 31, 2012, the Funds had economic leverage from Preferred Shares and/or TOBs as a percentage of their total managed assets as follows:</P>
<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD STYLE="text-align: left; width: 46%; border-top: Black 1pt solid">&nbsp; </TD>
     <TD STYLE="text-align: right; width: 53%; border-top: Black 1pt solid"> <B>Percent of</B></TD> </TR>
<TR valign="bottom">
     <TD align=left width=46%>&nbsp; </TD>
     <TD align=right width=53%> <B>Economic</B></TD> </TR>
<TR valign="bottom">
     <TD align=left width=46% style="border-bottom:1px solid #000000;">&nbsp; </TD>
     <TD align=right width=53% style="border-bottom:1px solid #000000;"> <B>Leverage</B></TD> </TR>
<TR valign="bottom">
     <TD align=left width=46%> MUC</TD>
     <TD STYLE="text-align: right; width: 53%; padding-right: 10pt"> 41%</TD> </TR>
<TR valign="bottom">
     <TD align=left width=46%> MUJ</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"> 37%</TD> </TR>
<TR valign="bottom">
     <TD align=left width=46%> MFT</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"> 39%</TD> </TR>
<TR valign="bottom">
     <TD align=left width=46%> MIY</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"> 36%</TD> </TR>
<TR valign="bottom">
     <TD align=left width=46%> MJI</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"> 35%</TD> </TR>
<TR valign="bottom">
     <TD align=left width=46% style="border-bottom:1px solid #000000;"> MPA</TD>
     <TD STYLE="text-align: right; padding-right: 10pt; border-bottom: Black 1pt solid"> 35%</TD> </TR> </TABLE><BR>
<P STYLE="text-align: left; font-size: 14pt; border-top: 33) 4pt solid"> <FONT color=#394c87><A NAME="a_005"></A>Derivative Financial Instruments</FONT></P>
<P style="text-align: left;">The Funds may invest in various derivative financial instruments, including financial futures contracts
as specified in Note 2 of the Notes to Financial Statements, which may constitute forms of economic leverage. Such derivative
financial instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge
market and/or interest rate risks. Derivative financial instruments involve risks, including the imperfect correlation between
the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction
or illiquidity of the derivative financial instrument. The Funds&#146; ability to use a derivative financial instrument successfully
depends on the investment advisor&#146;s ability to predict pertinent market movements accurately, which cannot be assured. The
use of derivative financial instruments may result in losses greater than if they had not been used, may require a Fund to sell
or purchase portfolio investments at inopportune times or for distressed values, may limit the amount of appreciation a Fund can
realize on an investment, may result in lower dividends paid to shareholders or may cause a Fund to hold an investment that it
might otherwise sell. The Funds&#146; investments in these instruments are discussed in detail in the Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 11 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<BR>
<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT STYLE="color: #394c87"><A NAME="a_006"></A>Schedule
     of Investments <FONT STYLE="font-size: 10pt">January 31, 2012 (Unaudited)</FONT></FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"> <B><FONT color=#394c87>BlackRock MuniHoldings California Quality Fund, Inc. (MUC)</FONT></B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; width: 53%">&nbsp; </TD>
     <TD STYLE="text-align: right; width: 46%; font-size: 9pt"> <B><FONT color=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; width: 2%">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center; padding-right: 15pt"> <B>Par</B></TD>
     <TD STYLE="text-align: left; width: 2%; text-align: center">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Municipal Bonds</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center; padding-right: 15pt"> <B>(000)</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>California &#151; 102.4%</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD colspan=5>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Corporate &#151; 0.4%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Chula Vista California, Refunding RB, San Diego</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> Gas &amp; Electric, Series A, 5.88%, 2/15/34</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &#36;</TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 2,435</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &#36;</TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 2,818,001</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>County/City/Special District/School District &#151; 28.9%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Alhambra Unified School District, GO, CAB, Election</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> of 2008, Series B (AGM), 6.31%, 8/01/39 (a)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,110,750</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Centinela Valley Union High School District, GO, Election</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> of 2010, Series A, 5.75%, 8/01/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 9,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 10,380,780</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Chabot-Las Positas Community College District, GO, CAB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series C (AMBAC), 6.03%, 8/01/37 (a)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 11,980</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,874,242</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Garden Grove California, COP, Series A, Financing</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Project (AMBAC), 5.50%, 3/01/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,040</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,093,934</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Redding California, COP, Refunding, Series A</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (AGM), 5.00%, 6/01/30</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 5,521,100</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Colton Joint Unified School District, GO, Series A</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (NPFGC), 5.38%, 8/01/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,585,725</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> County of Kern California, COP, Capital Improvements</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Projects, Series A (AGC), 6.00%, 8/01/35</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,057,935</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Covina-Valley Unified School District California, GO,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Refunding, Series A (AGM), 5.50%, 8/01/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,395</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,482,489</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Culver City Redevelopment Finance Authority California,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Tax Allocation Bonds, Refunding, Series A (AGM),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.60%, 11/01/25</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,750</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,762,525</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Desert Community College District, GO, CAB, Election</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 2004 Series C (AGM), 5.90%, 8/01/46 (a)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 712,050</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Grossmont Healthcare District, GO, Election of 2006,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series B, 6.13%, 7/15/40</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,377,800</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Los Angeles Community Redevelopment Agency</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> California, RB, Bunker Hill Project, Series A (AGM),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 12/01/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 10,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 10,559,100</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Merced Union High School District, GO, CAB, Election</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 2008, Series C (a):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 6.61%, 8/01/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 781,875</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 6.40%, 8/01/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,100</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,070,223</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 7.07%, 8/01/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 739,350</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Haven Unified School District, GO, CAB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (AGC), 8/01/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,950</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,594,148</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Norwalk-La Mirada Unified School District California,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> GO, CAB, Election of 2002, Series E (AGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.53%, 8/01/38 (a)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 7,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,790,025</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Orange County Sanitation District, COP, Series A,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 2/01/35</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,770,300</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Oxnard Union High School District, GO, Refunding,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Election of 2004, Series A (AGM), 5.00%, 8/01/35</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 10,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 10,979,000</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Port of Oakland, Refunding RB, Series M (FGIC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.38%, 11/01/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 18,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 18,239,220</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Redlands Unified School District California, GO, Election</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> of 2008 (AGM), 5.25%, 7/01/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 5,559,550</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Rio Hondo Community College District, GO, CAB, Election</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> of 2004, Series C, 5.32%, 8/01/36 (a)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 16,650</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,842,319</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> San Bernardino Community College District, GO, Election</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> of 2002, Series A, 6.25%, 8/01/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 310</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 370,918</TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: center"> <B>Par</B></TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>California (continued)</FONT></B></TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: right; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>County/City/Special District/School District (concluded)</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> San Diego Regional Building Authority, RB, County</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Operations Center &amp; Annex, Series A, 5.50%, 2/01/29 </TD>
     <TD STYLE="text-align: left; width: 2%; padding-right: 15pt">$</TD>
     <TD STYLE="text-align: right; width: 13%; padding-right: 15pt">900</TD>
     <TD STYLE="text-align: left; width: 2%">&#36; </TD>
     <TD STYLE="text-align: right; width: 13%">1,027,692</TD></TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> San Jose Financing Authority, RB, Civic Center Project,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series B (AMBAC), 5.00%, 6/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 14,800</TD>
     <TD COLSPAN="2" STYLE="text-align: right; text-indent: 6px"> 14,879,180</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> San Jose Financing Authority, RB, Convention Center</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Expansion &amp; Renovation Project:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.75%, 5/01/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 2,560</TD>
     <TD COLSPAN="2" STYLE="text-align: right; text-indent: 12px"> 2,741,581</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.75%, 5/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 4,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; text-indent: 12px"> 5,114,745</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Santa Clara Redevelopment Agency California, Tax</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Allocation Bonds, Bayshore North Project, Series A</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (AMBAC), 5.50%, 6/01/23</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 10,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; text-indent: 6px"> 10,064,900</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Snowline Joint Unified School District, COP, Refunding,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Refining Project (AGC), 5.75%, 9/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 5,635</TD>
     <TD COLSPAN="2" STYLE="text-align: right; text-indent: 12px"> 6,412,517</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Vista Unified School District California, GO, Series A</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (AGM), 5.25%, 8/01/25</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 10,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; text-indent: 6px"> 10,196,200</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Walnut Valley Unified School District California, GO,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Election of 2007, Measure S, Series A (AGM),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 2/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; text-indent: 12px"> 2,185,220</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> West Contra Costa County Unified School District</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> California, GO, Election of 2005, Series A (AGM),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 8/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 12,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; text-indent: 6px"> 12,507,960</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> West Contra Costa Unified School District California, GO:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Election of 2002, Series B (AGM), 5.00%, 8/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 6,690</TD>
     <TD COLSPAN="2" STYLE="text-align: right; text-indent: 12px"> 6,744,256</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Election of 2010, Series A, 5.25%, 8/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 5,390</TD>
     <TD COLSPAN="2" STYLE="text-align: right; text-indent: 12px"> 5,972,066</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Refunding (AGM), 5.25%, 8/01/23</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 4,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; text-indent: 12px"> 5,395,365</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Westminster Redevelopment Agency California,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Tax Allocation Bonds, Subordinate, Commercial</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Redevelopment Project No. 1 (AGC), 6.25%, 11/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 4,300</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 5,156,732</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 187,653,772</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Education &#151; 8.9%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Anaheim City School District California, GO, Election</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> of 2010 (AGM), 6.25%, 8/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 3,750</TD>
     <TD COLSPAN="2" STYLE="text-align: right; text-indent: 12px"> 4,520,100</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> California Municipal Finance Authority, RB, Emerson</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> College, 6.00%, 1/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 2,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; text-indent: 12px"> 2,769,775</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> California State Educational Facilities Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> University of Southern California, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.25%, 10/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 8,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; text-indent: 12px"> 8,997,680</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Gavilan Joint Community College District, GO, Election</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> of 2004, Series D:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.50%, 8/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 2,170</TD>
     <TD COLSPAN="2" STYLE="text-align: right; text-indent: 12px"> 2,613,570</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.75%, 8/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 8,400</TD>
     <TD COLSPAN="2" STYLE="text-align: right; text-indent: 12px"> 9,991,128</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Riverside Community College District, GO, Election</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> of 2004, Series C (AGM), 5.00%, 8/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 8,750</TD>
     <TD COLSPAN="2" STYLE="text-align: right; text-indent: 12px"> 9,497,162</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> San Diego Community College District, GO, Election</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> of 2006 (AGM), 5.00%, 8/01/30</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 9,555</TD>
     <TD COLSPAN="2" STYLE="text-align: right; text-indent: 6px"> 10,604,235</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> University of California, RB, Series L, 5.00%, 5/15/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 2,995</TD>
     <TD COLSPAN="2" STYLE="text-align: right; text-indent: 12px"> 3,209,262</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> University of California, Refunding RB, General, Series A</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (AMBAC), 5.00%, 5/15/27</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 5,255,400</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 57,458,312</TD> </TR> </TABLE><BR>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"> <B><FONT color=#394c87>Portfolio Abbreviations</FONT></B></P>
<P style="text-align: left;"> To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial">
<TR valign="bottom">
     <TD align=left width=18%> <B>ACA</B></TD>
     <TD align=left width=81%> American Capital Access Corp.</TD> </TR>
<TR valign="bottom">
     <TD align=left width=18%> <B>AGC</B></TD>
     <TD align=left width=81%> Assured Guaranty Corp.</TD> </TR>
<TR valign="bottom">
     <TD align=left width=18%> <B>AGM</B></TD>
     <TD align=left width=81%> Assured Guaranty Municipal Corp.</TD> </TR>
<TR valign="bottom">
     <TD align=left width=18%> <B>AMBAC</B></TD>
     <TD align=left width=81%> American Municipal Bond Assurance Corp.</TD> </TR>
<TR valign="bottom">
     <TD align=left width=18%> <B>AMT</B></TD>
     <TD align=left width=81%> Alternative Minimum Tax (subject to)</TD> </TR>
<TR valign="bottom">
     <TD align=left width=18%> <B>ARB</B></TD>
     <TD align=left width=81%> Airport Revenue Bonds</TD> </TR>
<TR valign="bottom">
     <TD align=left width=18%> <B>BHAC</B></TD>
     <TD align=left width=81%> Berkshire Hathaway Assurance Corp.</TD> </TR>
<TR valign="bottom">
     <TD align=left width=18%> <B>CAB</B></TD>
     <TD align=left width=81%> Capital Appreciation Bonds</TD> </TR>
<TR valign="bottom">
     <TD align=left width=18%> <B>CIFG</B></TD>
     <TD align=left width=81%> CDC IXIS Financial Guaranty</TD> </TR>
<TR valign="bottom">
     <TD align=left width=18%> <B>COP</B></TD>
     <TD align=left width=81%> Certificates of Participation</TD> </TR>
<TR valign="bottom">
     <TD align=left width=18%> <B>EDA</B></TD>
     <TD align=left width=81%> Economic Development Authority</TD> </TR>
<TR valign="bottom">
     <TD align=left width=18%> <B>EDC</B></TD>
     <TD align=left width=81%> Economic Development Corp.</TD> </TR>
<TR valign="bottom">
     <TD align=left width=18%> <B>ERB</B></TD>
     <TD align=left width=81%> Education Revenue Bonds</TD> </TR>
<TR valign="bottom">
     <TD align=left width=18%> <B>FGIC</B></TD>
     <TD align=left width=81%> Financial Guaranty Insurance Co.</TD> </TR>
<TR valign="bottom">
     <TD align=left width=18%> <B>GARB</B></TD>
     <TD align=left width=81%> General Airport Revenue Bonds</TD> </TR>
<TR valign="bottom">
     <TD align=left width=21%> <B>GO</B></TD>
     <TD align=left width=78%> General Obligation Bonds</TD> </TR>
<TR valign="bottom">
     <TD align=left width=21%> <B>HDA</B></TD>
     <TD align=left width=78%> Housing Development Authority</TD> </TR>
<TR valign="bottom">
     <TD align=left width=21%> <B>HFA</B></TD>
     <TD align=left width=78%> Housing Finance Agency</TD> </TR>
<TR valign="bottom">
     <TD align=left width=21%> <B>HRB</B></TD>
     <TD align=left width=78%> Housing Revenue Bonds</TD> </TR>
<TR valign="bottom">
     <TD align=left width=21%> <B>IDA</B></TD>
     <TD align=left width=78%> Industrial Development Authority</TD> </TR>
<TR valign="bottom">
     <TD align=left width=21%> <B>ISD</B></TD>
     <TD align=left width=78%> Independent School District</TD> </TR>
<TR valign="bottom">
     <TD align=left width=21%> <B>NPFGC</B></TD>
     <TD align=left width=78%> National Public Finance Guarantee Corp.</TD> </TR>
<TR valign="bottom">
     <TD align=left width=21%> <B>Q-SBLF</B></TD>
     <TD align=left width=78%> Qualified School Bond Loan Fund</TD> </TR>
<TR valign="bottom">
     <TD align=left width=21%> <B>RB</B></TD>
     <TD align=left width=78%> Revenue Bonds</TD> </TR>
<TR valign="bottom">
     <TD align=left width=21%> <B>S/F</B></TD>
     <TD align=left width=78%> Single-Family</TD> </TR>
<TR valign="bottom">
     <TD align=left width=21%> <B>SYNCORA</B></TD>
     <TD align=left width=78%> Syncora Guarantee</TD> </TR> </TABLE><BR>
<P style="text-align: left;"> <BR>
See Notes to Financial Statements.</P>
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<TR valign="bottom">
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"> <FONT color=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"> <B><FONT color=#394c87>BlackRock MuniHoldings California Quality Fund, Inc. (MUC)</FONT></B></TD> </TR>
<TR valign="bottom">
     <TD align=left width=50%>&nbsp; </TD>
     <TD STYLE="text-align: right; font-size: 9pt"> <B><FONT color=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; width: 2%">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center"> <B>Par</B></TD>
     <TD STYLE="text-align: left; width: 2%; text-align: center">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Municipal Bonds</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>(000)</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>California (continued)</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD colspan=5>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Health &#151; 11.4%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> ABAG Finance Authority for Nonprofit Corps, Refunding</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> RB, Sharp Healthcare, 6.25%, 8/01/39</TD>
     <TD STYLE="text-align: left"> &#36;</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,000</TD>
     <TD STYLE="text-align: left"> &#36;</TD>
     <TD STYLE="text-indent: 6px; text-align: right"> 5,775,300</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> ABAG Finance Authority for Nonprofit Corps, Sharp</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Healthcare, Refunding RB, Series A, 6.00%, 8/01/30</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,250</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-indent: 6px; text-align: right"> 2,713,410</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> California Health Facilities Financing Authority, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Adventist Health System, Series A, 5.00%, 3/01/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,190</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-indent: 6px; text-align: right"> 3,212,585</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Providence Health Services, Series B,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.50%, 10/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,970</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-indent: 6px; text-align: right"> 4,387,208</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Sutter Health, Series A, 5.25%, 11/15/46</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 19,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 19,802,560</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Sutter Health, Series B, 6.00%, 8/15/42</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 9,655</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 11,122,946</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> California Health Facilities Financing Authority,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Refunding RB, Catholic Healthcare West, Series A,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 6.00%, 7/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,700</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-indent: 6px; text-align: right"> 4,268,172</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> California Health Facilities Financing Authority Revenue</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Bonds, Series A Kaiser Permanente, 5.25%, 4/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 6,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-indent: 6px; text-align: right"> 6,715,345</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> California Statewide Communities Development</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Authority, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Health Facility Memorial Health Services, Series A,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 6.00%, 10/01/23</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,915</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-indent: 6px; text-align: right"> 5,107,914</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Kaiser Permanente, Series B, 5.25%, 3/01/45</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 6,100</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-indent: 6px; text-align: right"> 6,312,341</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Newport Beach California, RB, Hoag Memorial</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Hospital Presbyterian, 6.00%, 12/01/40</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,820</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"> 4,545,456</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"> 73,963,237</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>State &#151; 9.1%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> California State Public Works Board, RB, Department</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> of Education, Riverside Campus Project, Series B,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 6.50%, 4/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,670</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-indent: 6px; text-align: right"> 4,234,079</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> California State Public Works Board, RB, California State</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Prisons, Series C, 5.75%, 10/01/31</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,205</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-indent: 6px; text-align: right"> 1,380,942</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> State of California, GO:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 6.00%, 3/01/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,800</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-indent: 6px; text-align: right"> 6,889,356</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 6.00%, 4/01/38</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 28,265</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 32,805,207</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> University of California, RB, Limited Project, Series D</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (NPFGC), 5.00%, 5/15/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 13,000</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"> 13,871,000</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"> 59,180,584</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Transportation &#151; 16.0%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Fresno California, RB, Series B, AMT (AGM),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.50%, 7/01/20</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,455</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-indent: 6px; text-align: right"> 4,565,217</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of San Jose California, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A-1, AMT, 6.25%, 3/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,400</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-indent: 6px; text-align: right"> 1,614,816</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A-1, AMT, 5.25%, 3/01/23</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,985</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-indent: 6px; text-align: right"> 3,315,738</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series D (NPFGC), 5.00%, 3/01/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-indent: 6px; text-align: right"> 5,127,000</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> County of Orange California, RB, Series B,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.75%, 7/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 6,345</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-indent: 6px; text-align: right"> 7,140,282</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> County of Sacramento California, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Senior Series A (AGC), 5.50%, 7/01/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 7,275</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-indent: 6px; text-align: right"> 7,917,019</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Senior Series B, 5.75%, 7/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,650</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-indent: 6px; text-align: right"> 2,924,249</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Senior Series B, AMT, (AGM), 5.25%, 7/01/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 19,525</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 20,791,196</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Senior Series B, AMT (AGM), 5.75%, 7/01/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 13,275</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 14,888,709</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Los Angeles Department of Airports, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Senior Series D, 5.25%, 5/15/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,590</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-indent: 6px; text-align: right"> 3,000,308</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A, 5.25%, 5/15/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,775</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-indent: 6px; text-align: right"> 3,088,658</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Los Angeles Department of Airports, Refunding RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Senior, Series A, 5.00%, 5/15/35</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,945</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-indent: 6px; text-align: right"> 3,284,971</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Los Angeles Harbor Department, RB, Series B,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.25%, 8/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,530</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-indent: 6px; text-align: right"> 6,284,568</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> San Francisco City &amp; County Airports Commission, RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series E, 6.00%, 5/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 9,650</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 11,182,420</TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: center"> <B>Par</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Municipal Bonds</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>California (concluded)</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Transportation (concluded)</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> San Francisco City &amp; County Airports Commission,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Refunding RB, Second Series 34E, AMT (AGM),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.75%, 5/01/24</TD>
     <TD STYLE="text-align: left; width: 2%"> &#36;</TD>
     <TD STYLE="text-align: right; padding-right: 15pt; width: 13%"> 5,000</TD>
     <TD STYLE="text-align: left; width: 2%">&#36; </TD>
     <TD STYLE="text-align: right; width: 13%">5,723,800</TD></TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> San Joaquin County Transportation Authority, RB, Limited</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Tax, Measure K, Series A, 6.00%, 3/01/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,400</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 2,881,968</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 103,730,919</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Utilities &#151; 27.7%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Anaheim Public Financing Authority, RB, Electric System</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Distribution Facilities, Series A, 5.38%, 10/01/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,200</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 2,534,026</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Escondido California, COP, Refunding, Series A</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (NPFGC), 5.75%, 9/01/24</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 465</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 466,795</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Los Angeles California, Refunding RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Sub-Series A, 5.00%, 6/01/32</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 3,408,570</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Sub-Series A, 5.00%, 6/01/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 2,328,160</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Dublin-San Ramon Services District, Refunding RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 6.00%, 8/01/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 4,739,200</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> East Bay Municipal Utility District, Refunding RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Sub-Series A (AMBAC), 5.00%, 6/01/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 6,545</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 7,178,687</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Eastern Municipal Water District, COP, Series H,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 7/01/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 2,719,775</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Imperial Irrigation District, Refunding RB, System,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.13%, 11/01/38</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 9,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 10,143,530</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Los Angeles Department of Water &amp; Power, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/01/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 5,561,950</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A, 5.38%, 7/01/38</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 10,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 11,885,790</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> System Series A, 5.25%, 7/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 16,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 18,326,080</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Metropolitan Water District of Southern California, RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series B-1 (NPFGC), 5.00%, 10/01/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 8,605</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 9,105,037</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Oxnard Financing Authority, RB (NPFGC):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Project, 5.00%, 6/01/31</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 10,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 10,618,500</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Redwood Trunk Sewer &amp; Headworks, Series A,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 6/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 9,750</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 10,436,302</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Sacramento City Financing Authority California,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Refunding RB (NPFGC), 5.00%, 12/01/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 8,775</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 9,159,608</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Sacramento Municipal Utility District, RB, Series R</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (NPFGC), 5.00%, 8/15/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 20,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 20,831,400</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> San Diego Public Facilities Financing Authority,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Refunding RB, Senior Series A:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 5/15/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,136,460</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 5/15/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,165</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 3,550,877</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> San Francisco City &amp; County Public Utilities</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Commission, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Local Water Main Sub-Series C, 5.00%, 11/01/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 5,627,950</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A (NPFGC), 5.00%, 11/01/32</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 15,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 15,220,200</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series B, 5.00%, 11/01/30</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 14,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 16,142,420</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Southern California Public Power Authority, Milford Wind</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Corridor Phase II, 5.25%, 7/01/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 6,980</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 8,304,036</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 179,425,353</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Total Municipal Bonds in California</B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 664,230,178</TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5" STYLE="border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>Puerto Rico &#151; 0.4%</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>County/City/Special District/School District &#151; 0.4%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Puerto Rico Sales Tax Financing Corp., RB, Series C,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px; border-bottom: Black 1pt solid"> 6.00%, 8/01/39 (a)</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"> 12,420</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"> 2,892,245</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Total Municipal Bonds in Puerto Rico</B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 2,892,245</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Total Municipal Bonds &#151; 102.8%</B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 667,122,423</TD> </TR> </TABLE><BR>
<P style="text-align: left;"> See Notes to Financial Statements.</P>
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<TR valign="bottom">
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"> <FONT color=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"> <B><FONT color=#394c87>BlackRock MuniHoldings California Quality Fund, Inc. (MUC)</FONT></B></TD> </TR>
<TR valign="bottom">
     <TD align=left width=50%>&nbsp; </TD>
     <TD STYLE="text-align: right; width: 49%; font-size: 9pt"> <B><FONT color=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Municipal Bonds Transferred to</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: center"> <B>Par</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Tender Option Bond Trusts (b)</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>California &#151; 63.3%</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> <B>County/City/Special District/School District &#151; 33.1%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Alameda County Joint Powers Authority, Refunding RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Lease (AGM), 5.00%, 12/01/34</TD>
     <TD STYLE="text-align: right; width: 2%">&#36; </TD>
     <TD STYLE="text-align: right; width: 13%; padding-right: 15pt">13,180</TD>
     <TD STYLE="text-align: left; width: 2%; text-align: left">&#36; </TD>
     <TD STYLE="text-align: left; width: 13%; text-align: right">14,214,366</TD></TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Contra Costa Community College District California, GO,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Election of 2002 (NPFGC), 5.00%, 8/01/28</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 7,800</TD>
     <TD COLSPAN="2" STYLE="text-indent: 12px; text-align: right"> 8,252,244</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Desert Community College District California, GO,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series C (AGM), 5.00%, 8/01/37</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 16,530</TD>
     <TD COLSPAN="2" STYLE="text-indent: 6px; text-align: right"> 17,624,451</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Foothill-De Anza Community College District, GO,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series C, 5.00%, 8/01/40</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 10,000</TD>
     <TD COLSPAN="2" STYLE="text-indent: 6px; text-align: right"> 11,152,100</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Los Angeles Community College District California, GO:</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Election of 2001, Series E-1, 5.00%, 8/01/33</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 11,770</TD>
     <TD COLSPAN="2" STYLE="text-indent: 6px; text-align: right"> 12,982,663</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> Election of 2003, Series E (AGM), 5.00%, 8/01/31</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 11,216</TD>
     <TD COLSPAN="2" STYLE="text-indent: 6px; text-align: right"> 12,114,926</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Election of 2003, Series F-1, 5.00%, 8/01/33</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 10,000</TD>
     <TD COLSPAN="2" STYLE="text-indent: 6px; text-align: right"> 11,030,300</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Election of 2008, Series A, 6.00%, 8/01/33</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 9,596</TD>
     <TD COLSPAN="2" STYLE="text-indent: 6px; text-align: right"> 11,537,726</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Los Angeles Community College District California,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> GO, Series A, Election of 2001, Series A (NPFGC),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 8/01/32</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 6,647</TD>
     <TD COLSPAN="2" STYLE="text-indent: 12px; text-align: right"> 7,271,030</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Los Angeles County Metropolitan Transportation Authority,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Refunding RB, Proposition A, First Tier, Senior Series A</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (AMBAC), 5.00%, 7/01/35</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 8,997</TD>
     <TD COLSPAN="2" STYLE="text-indent: 12px; text-align: right"> 9,909,171</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Los Angeles County Sanitation Districts Financing</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Authority, Refunding RB, Capital Project 14 (BHAC),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 10/01/34</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 7,917</TD>
     <TD COLSPAN="2" STYLE="text-indent: 12px; text-align: right"> 8,369,388</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Ohlone Community College District, GO, Series B (AGM),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 8/01/30</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 16,518</TD>
     <TD COLSPAN="2" STYLE="text-indent: 6px; text-align: right"> 17,693,383</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Poway Unified School District, GO, Election of 2002,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Improvement District 02, Series 1-B (AGM),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 8/01/30</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 10,000</TD>
     <TD COLSPAN="2" STYLE="text-indent: 6px; text-align: right"> 10,875,600</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> San Bernardino Community College District California,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> GO, Election of 2002, Series C (AGM), 5.00%, 8/01/31</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 17,770</TD>
     <TD COLSPAN="2" STYLE="text-indent: 6px; text-align: right"> 19,700,000</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> San Diego Community College District California, GO,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Election of 2002 (AGM), 5.00%, 5/01/30</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 12,549</TD>
     <TD COLSPAN="2" STYLE="text-indent: 6px; text-align: right"> 13,759,804</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> San Francisco Bay Area Rapid Transit District, Refunding</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> RB, Series A (NPFGC), 5.00%, 7/01/30</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 23,100</TD>
     <TD COLSPAN="2" STYLE="text-indent: 6px; text-align: right"> 25,365,186</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> San Francisco Bay Area Transit Financing Authority,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Refunding RB, Series A (NPFGC), 5.00%, 7/01/34</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,499</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right"> 2,744,396</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right"> 214,596,734</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Education &#151; 11.8%</B></TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Chaffey Community College District, GO, Election</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> of 2002, Series B (NPFGC), 5.00%, 6/01/30</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 9,905</TD>
     <TD COLSPAN="2" STYLE="text-indent: 6px; text-align: right"> 10,577,930</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Los Rios Community College District, GO, Election</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> of 2008, Series A, 5.00%, 8/01/35</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 11,000</TD>
     <TD COLSPAN="2" STYLE="text-indent: 6px; text-align: right"> 12,127,610</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Mount Diablo California Uniform School District, GO,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 6/01/31</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,000</TD>
     <TD COLSPAN="2" STYLE="text-indent: 12px; text-align: right"> 4,190,240</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Riverside Community College District, GO, Election</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> of 2004, Series C (NPFGC), 5.00%, 8/01/32</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 8,910</TD>
     <TD COLSPAN="2" STYLE="text-indent: 12px; text-align: right"> 9,652,203</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> University of California, RB:</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> Limited Project, Series B (AGM), 5.00%, 5/15/33</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 17,397</TD>
     <TD COLSPAN="2" STYLE="text-indent: 6px; text-align: right"> 18,218,783</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> Limited Project, Series D (AGM), 5.00%, 5/15/41</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 8,000</TD>
     <TD COLSPAN="2" STYLE="text-indent: 12px; text-align: right"> 8,536,000</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series O, 5.75%, 5/15/34</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 11,190</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right"> 13,166,714</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right"> 76,469,480</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Transportation &#151; 1.6%</B></TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> San Mateo County Transportation Authority, Refunding</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-indent: 12px"> RB, Series A (NPFGC), 5.00%, 6/01/32</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 10,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right"> 10,515,900</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Utilities &#151; 16.8%</B></TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> City of Napa California, RB (AMBAC), 5.00%, 5/01/35</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 9,100</TD>
     <TD COLSPAN="2" STYLE="text-indent: 12px; text-align: right"> 9,776,130</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> East Bay Municipal Utility District, RB, Sub-Series A</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (NPFGC), 5.00%, 6/01/35</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 12,070</TD>
     <TD COLSPAN="2" STYLE="text-indent: 6px; text-align: right"> 13,359,317</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> East Bay Municipal Utility District, Refunding RB,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Sub-Series A (AMBAC), 5.00%, 6/01/37</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 14,510</TD>
     <TD COLSPAN="2" STYLE="text-indent: 6px; text-align: right"> 15,691,840</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Los Angeles Department of Water &amp; Power, RB, Power</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> System (AGM):</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Sub-Series A-1, 5.00%, 7/01/31</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,993</TD>
     <TD COLSPAN="2" STYLE="text-indent: 12px; text-align: right"> 5,326,218</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Sub-Series A-2, 5.00%, 7/01/35</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 7,500</TD>
     <TD COLSPAN="2" STYLE="text-indent: 12px; text-align: right"> 8,007,075</TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">

  <tr valign="bottom">

    <TD STYLE="text-align: left"> <b>Municipal Bonds Transferred to</b></td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: center"> <b>Par</b></td>
    <TD STYLE="text-align: center">&nbsp; </td>
    <TD STYLE="text-align: center">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <b>Tender Option Bond Trusts (b)</b></td>
    <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <b>(000)</b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp; </td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <b>Value</b></td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <b><font color=#394c87>California (concluded)</font></b></td>
    <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </td>
    <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </td>
    <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </td>
    <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </td>
  </tr>

  <tr>

    <td colspan="5">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> <b>Utilities (concluded)</b></td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <td colspan="2" style="text-align: left"> Metropolitan Water District of Southern California, RB,</td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; text-indent: 6px"> Series A (AGM), 5.00%, 7/01/35</td>
    <TD STYLE="text-align: right">&nbsp; $</td>
    <TD STYLE="text-align: right; padding-right: 15pt">  12,870</td>
    <TD STYLE="text-align: left">$ </td>
    <TD STYLE="text-align: right">  14,197,026</td>
  </tr>

  <tr valign="bottom">

    <td colspan="2" style="text-align: left"> Rancho Water District Financing Authority, Refunding RB,</td>
    <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; text-indent: 6px"> Series A (AGM), 5.00%, 8/01/34</td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right; padding-right: 15pt"> 5,008</td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-indent: 12px; text-align: right"> 5,472,223</td>
  </tr>

  <tr valign="bottom">

    <td colspan="2" style="text-align: left"> Sacramento Regional County Sanitation District, RB,</td>
    <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <td colspan="2" style="text-align: left; text-indent: 6px"> Sacramento Regional County Sanitation (NPFGC),</td>
    <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 12/01/36</td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right; padding-right: 15pt"> 4,500</td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-indent: 12px; text-align: right"> 4,798,845</td>
  </tr>

  <tr valign="bottom">

    <td colspan="2" style="text-align: left"> San Diego County Water Authority, COP, Series A (AGM),</td>
    <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 5/01/31</td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right; padding-right: 15pt"> 4,000</td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-indent: 12px; text-align: right"> 4,233,040</td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> San Diego County Water Authority, COP, Refunding:</td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; text-indent: 12px"> Series 2002-A (NPFGC), 5.00%, 5/01/32</td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right; padding-right: 15pt"> 10,000</td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-indent: 6px; text-align: right"> 10,142,600</td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; text-indent: 12px"> Series 2008-A (AGM), 5.00%, 5/01/33</td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right; padding-right: 15pt"> 16,740</td>
    <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"> 18,108,495</td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </td>
    <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </td>
    <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </td>
    <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"> 109,112,809</td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> <b>Total Municipal Bonds Transferred to</b></td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <b>Tender Option Bond Trusts &#151; 63.3%</b></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"> 410,694,923</td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> <b>Total Long-Term Investments</b></td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <b>(Cost &#151; &#36;1,005,772,469) &#151; 166.1%</b></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </td>
    <td colspan="2" style="border-bottom: Black 2pt solid; text-align: right"> 1,077,817,346</td>
  </tr>

  <tr>

    <td colspan="5">&nbsp; </td>
  </tr>

  <tr>

    <TD COLSPAN="5" STYLE="border-bottom: rgb(57,76,135) 4pt solid">&nbsp; </td>
  </tr>

  <tr>

    <td colspan="5">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> <b>Short-Term Securities</b></td>
    <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </td>
    <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> <b>Shares</b></td>
    <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </td>
    <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> BIF California Municipal Money Fund,</td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; text-indent: 12px"> 0.00% (c)(d)</td>
    <td colspan="2" style="text-align: right; padding-right: 15pt; border-bottom: Black 1pt solid"> 14,314,399</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp; </td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"> 14,314,399</td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> <b>Total Short-Term Securities</b></td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <b>(Cost &#151; &#36;14,314,399) &#151; 2.2%</b></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid"> 14,314,399</td>
  </tr>

  <tr valign="bottom">

    <td colspan="2" style="text-align: left"> <b>Total Investments (Cost &#151; &#36;1,020,086,868) &#151; 168.3%</b></td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <td colspan="2" style="text-align: right"> 1,092,131,745</td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> <b>Other Assets Less Liabilities &#151; 1.7%</b></td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right; text-indent: 6px"> 10,819,299</td>
  </tr>

  <tr valign="bottom">

    <td colspan="2" style="text-align: left"> <b>Liability for TOB Trust Certificates, Including Interest</b></td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; text-indent: 6px; width: 65%"> <b>Expense and Fees Payable &#151; (30.9)%</b></td>
    <TD STYLE="text-align: left; width: 2%">&nbsp; </td>
    <TD STYLE="text-align: left; width: 15%">&nbsp; </td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="text-align: right; width: 15%">(200,060,576</td>
    <TD STYLE="text-align: left; width: 1%">)&nbsp;</td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> <b>AMPS, at Redemption Value &#151; (39.1)%</b></td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(254,004,140</td>
    <TD STYLE="text-align: left">)&nbsp;</td>
  </tr>

  <tr valign="bottom">

    <td colspan="2" style="text-align: left"> <b>Net Assets Applicable to Common Shares &#151; 100.0%</b></td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> &#36;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid"> 648,886,328</td>
  </tr>

</table><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; margin-bottom: 6px">
<TR>
     <TD NOWRAP STYLE="vertical-align: top; width: 2%; border-top: Black 1pt solid"> (a)&nbsp; &nbsp; &nbsp;    </TD>
     <TD STYLE="width: 98%; border-top: Black 1pt solid"> Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.       </TD> </TR>
<TR>
     <TD NOWRAP STYLE="vertical-align: top"> (b)&nbsp; &nbsp; &nbsp;    </TD>
     <TD> Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.  </TD> </TR>
<TR>
     <TD NOWRAP STYLE="vertical-align: top"> (c)&nbsp; &nbsp; &nbsp;    </TD>
     <TD> Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:     </TD> </TR> </TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial; margin-bottom: 6pt">
<TR valign="bottom">
     <TD STYLE="text-align: left; width: 22%; border-top: Black 1pt solid">&nbsp; </TD>
     <TD STYLE="text-align: center; width: 23%; border-top: Black 1pt solid"> <B>Shares Held</B></TD>
     <TD STYLE="text-align: left; width: 18%; border-top: Black 1pt solid">&nbsp; </TD>
     <TD STYLE="text-align: center; width: 21%; border-top: Black 1pt solid"> <B>Shares Held</B></TD>
     <TD STYLE="text-align: left; width: 3%; border-top: Black 1pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; width: 10%; border-top: Black 1pt solid">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: center"> <B>at July 31,</B></TD>
     <TD STYLE="text-align: left; text-align: center"> <B>Net</B></TD>
     <TD STYLE="text-align: center"> <B>at January 31,</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> <B>Affiliate</B></TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> <B>2011</B></TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-align: center"> <B>Activity</B></TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> <B>2012</B></TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"> <B>Income</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> BIF California</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Municipal</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-indent: 6px"> Money Fund</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"> 7,347,551</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-align: center"> 6,966,848</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> 14,314,399</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-align: right"> &#36;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"> 262</TD> </TR> </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(d)</TD><TD STYLE="width: 5pt"></TD><TD>Represents the current yield as of report date.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>For Fund compliance purposes, the Fund&#146;s sector classifications refer to any
one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes and/or
as defined by Fund management. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications
for reporting ease.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Financial futures contracts sold as of January 31, 2012 were as follows:</TD>
</TR></TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial">
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: center"><B>Notional</B></TD>
     <TD STYLE="text-align: center"><B>Unrealized</B></TD></TR>
<TR valign="bottom">
     <TD STYLE="text-align: center; width: 15%; border-bottom: #000000 1px solid"><B>Contracts </B></TD>
     <TD STYLE="text-align: center; width: 14%; border-bottom: #000000 1px solid"><B>Issue</B></TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid; width: 20%"> <B>Exchange</B></TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid; width: 15%"> <B>Expiration</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Value </B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Depreciation</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: right"></TD>
     <TD STYLE="text-align: center">10-Year US</TD>
     <TD STYLE="text-align: center"> Chicago Board</TD>
     <TD STYLE="text-align: center"> March</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">75 </TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">Treasury Note</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> of Trade</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> 2012</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#36;9,918,750 </TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#36; (131,393)</TD> </TR> </TABLE><BR>
<P style="text-align: left;"> See Notes to Financial Statements.</P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0 width="100%">
<TR vAlign=bottom>
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87>Schedule of Investments (concluded)</FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"><B><FONT color=#394c87>BlackRock MuniHoldings California Quality Fund, Inc. (MUC)</FONT></B></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Fair Value Measurements &#151; Various inputs are used in determining the fair value
of investments and derivative financial instruments. These inputs are categorized into a disclosure hierarchy consisting of three
broad levels for financial statement purposes as follows:</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Level 1 &#151; unadjusted price quotations in active markets/exchanges for identical
assets and liabilities</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Level 2 &#151; other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated
inputs)</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Level 3 &#151; unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the Fund&#146;s own assumptions used in determining
the fair value of investments and derivative financial instruments)</TD>
</TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">Changes in valuation techniques may result
in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments
and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument
and does not necessarily correspond to the Fund&#146;s perceived risk of investing in those securities. For information about
the Fund&#146;s policy regarding valuation of investments and derivative financial instruments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.</P>
<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">The following tables summarize the inputs
used as of January 31, 2012 in determining the fair valuation of the Fund&#146;s investments and derivative financial instruments:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1pt solid"><B>Valuation Inputs</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid; width: 15%"><B>Level 1</B></TD>
     <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1px solid; text-align: center; width: 15%"><B>Level 2</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; border-top: Black 1pt solid; text-align: center; width: 15%"><B>Level 3</B></TD>
     <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1px solid; text-align: center; width: 15%"><B>Total</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Assets:</B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">Investments:</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 6px; text-align: left">Long-Term</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Investments<SUP>1</SUP></TD>
     <TD STYLE="text-align: right; padding-right: 12pt">&#151;</TD>
     <TD STYLE="text-align: right">$1,077,817,346</TD>
     <TD STYLE="text-align: center">&#151;</TD>
     <TD STYLE="text-indent: 6px; text-align: right">$1,077,817,346</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 6px; text-align: left">Short-Term</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Securities</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 12pt">$14,314,399</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 4px; text-align: right">14,314,399</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><B>Total</B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-right: 12pt">$14,314,399</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$1,077,817,346</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: center">&#151;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-indent: 6px; text-align: right">$1,092,131,745</TD></TR></TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; margin-bottom: 6pt">
<TR>
     <TD NOWRAP STYLE="vertical-align: top; width: 2%"><SUP>1</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD STYLE="width: 98%">See above Schedule of Investments for values in each sector. </TD></TR></TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%; margin-bottom: 6pt">
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1pt solid"><B>Valuation Inputs </B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; width: 15%; border-top: Black 1pt solid"><B>Level 1</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; width: 15%; border-top: Black 1pt solid"><B>Level 2</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; width: 15%; border-top: Black 1pt solid"><B>Level 3</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; width: 15%; border-top: Black 1pt solid"><B>Total</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">Derivate Financial Instruments<SUP>2</SUP></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     </TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Liabilities:</B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     </TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">Interest rate</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     </TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 12px; text-align: left">contracts</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 12pt">$(131,393)</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$(131,393)</TD>
     </TR></TABLE>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>2</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. </TD></TR></TABLE>
<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"> <FONT color=#394c87>Schedule of Investments </FONT><FONT color=#394c87><FONT STYLE="font-size: 10pt">January 31, 2012 (Unaudited)</FONT></FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"> <B><FONT color=#394c87>BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)</FONT></B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; width: 53%">&nbsp; </TD>
     <TD STYLE="text-align: right; font-size: 9pt"> <B><FONT color=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; width: 2%">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center"> <B>Par</B></TD>
     <TD STYLE="text-align: left; width: 2%; text-align: center">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Municipal Bonds</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>(000)</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>New Jersey &#151; 125.8%</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD colspan=5>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Corporate &#151; 3.2%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey EDA, RB, AMT:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> New Jersey American Water Co., Inc. Project,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A (AMBAC), 5.25%, 11/01/32</TD>
     <TD STYLE="text-align: right"> &#36;</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,000</TD>
     <TD STYLE="text-align: left"> &#36;</TD>
     <TD STYLE="text-align: right"> 3,061,530</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Waste Management of New Jersey, Series A,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Mandatory Put Bonds, 5.30%, 6/01/15 (a)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,697,800</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey EDA, Refunding RB, AMT:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> New Jersey American Water Co., Inc. Project,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A, AMT, 5.70%, 10/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,750,700</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> New Jersey American Water Co., Inc. Project,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series B, 5.60%, 11/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,150</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 2,402,367</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 10,912,397</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> <B>County/City/Special District/School District &#151; 17.5%</B></TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Borough of Hopatcong New Jersey, GO, Refunding,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Sewer (AMBAC), 4.50%, 8/01/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,690</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,848,199</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Perth Amboy New Jersey, GO, CAB (AGM) (b):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.22%, 7/01/32</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,605</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,792,700</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.23%, 7/01/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,395</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,446,266</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.27%, 7/01/37</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,470</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,507,206</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> County of Middlesex New Jersey, COP, Refunding</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (NPFGC), 5.50%, 8/01/16</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,375</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,380,665</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> County of Union New Jersey, GO:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.00%, 3/01/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,590</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,833,356</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.00%, 3/01/30</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,590</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,800,955</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.00%, 3/01/31</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,925</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,131,944</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> East Orange Board of Education, COP (AGM),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.50%, 8/01/12</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,420</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,435,975</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Edgewater Borough Board of Education, GO (AGM):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.25%, 3/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,235</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,370,319</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.25%, 3/01/35</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,300</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,433,510</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.30%, 3/01/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,370</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,509,480</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Essex County Improvement Authority, RB, County</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Correctional Facility Project, Series A (FGIC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 10/01/13 (c)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,400</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,744,300</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Essex County Improvement Authority, Refunding RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Project Consolidation:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> (AMBAC), 5.25%, 12/15/18</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,218,800</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> (NPFGC), 5.50%, 10/01/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 250</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 324,185</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> (NPFGC), 5.50%, 10/01/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,840</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 6,283,724</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Hudson County Improvement Authority, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> County Secured, County Services Building Project</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> (AGM), 5.00%, 4/01/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 750</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 821,265</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Harrison Parking Facility Project, Series C (AGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 1/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,213,300</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Harrison Parking Facility Project, Series C (AGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.38%, 1/01/44</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,600</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,004,352</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Middlesex County Improvement Authority, RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Senior Citizens Housing Project, AMT (AMBAC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.50%, 9/01/30</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 500,570</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Monmouth County Improvement Authority, RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Governmental Loan (AMBAC):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.35%, 12/01/17</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 5,016</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.38%, 12/01/18</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 5,016</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Morristown Parking Authority, RB (NPFGC):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 8/01/30</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,830</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,993,950</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 8/01/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,231,150</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey State Transit Corp., COP, Subordinate,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Federal Transit Administration Grants, Series A (AGM),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 9/15/21</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,135,620</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Newark Housing Authority, RB, South Ward Police Facility</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (AGC), 6.75%, 12/01/38</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 275</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 338,508</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Newark Housing Authority, Refunding RB, Newark</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Redevelopment Project (NPFGC), 4.38%, 1/01/37</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 620</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 566,767</TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; width: 2%">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center; padding-right: 15pt"> <B>Par</B></TD>
     <TD STYLE="text-align: left; width: 2%; text-align: center">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Municipal Bonds</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center; padding-right: 15pt"> <B>(000)</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>New Jersey (continued)</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD colspan=5>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> <B>County/City/Special District/School District (concluded)</B></TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> South Jersey Port Corp., Refunding RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.50%, 1/01/15</TD>
     <TD STYLE="text-align: right"> &#36;</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,750</TD>
     <TD STYLE="text-align: left"> &#36;</TD>
     <TD STYLE="text-align: right"> 3,850,950</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.50%, 1/01/16</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,920</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,968,499</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 60,696,547</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Education &#151; 17.9%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey EDA, RB, International Center For Public</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Health Project, University of Medicine and Dentistry</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (AMBAC), 6.00%, 6/01/32</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 5,006,450</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey Educational Facilities Authority, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Higher Education Capital Improvement, Series A</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> (AMBAC), 5.13%, 9/01/12 (c)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 5,658,070</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Montclair State University, Series A (AMBAC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/01/21</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,200</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,326,012</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Montclair State University, Series A (AMBAC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/01/22</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,880</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,163,421</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Richard Stockton College, Series F (NPFGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/01/31</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,625</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,767,170</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Rowan University, Series C (NPFGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/01/14 (d)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,260</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,614,427</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Rowan University, Series C (NPFGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.13%, 7/01/14 (c)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,615</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,018,868</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> New Jersey Educational Facilities Authority, Refunding RB:</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> College of New Jersey, Series D (AGM),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/01/35</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 9,740</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 10,532,154</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Montclair State University, Series J (NPFGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.25%, 7/01/30</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,775</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,872,735</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> New Jersey Institute of Technology, Series H,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/01/31</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,314,010</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> Ramapo College, Series I (AMBAC), 4.25%, 7/01/31</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,250</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,285,287</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> Ramapo College, Series I (AMBAC), 4.25%, 7/01/36</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 900</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 913,068</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Stevens Institute of Technology, Series A,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/01/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,800</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,952,488</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Stevens Institute of Technology, Series A,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 900</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 925,308</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> William Paterson University, Series C (AGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/01/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 250</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 278,055</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> William Paterson University, Series C (AGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.75%, 7/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,299,320</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Rutgers-State University of New Jersey, Refunding RB,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series F, 5.00%, 5/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,102,670</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> University of Medicine &amp; Dentistry of New Jersey, COP</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (NPFGC), 5.00%, 6/15/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,052,500</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> University of Medicine &amp; Dentistry of New Jersey, RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series A (AMBAC), 5.50%, 12/01/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,740</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 4,872,957</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 61,954,970</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Health &#151; 17.6%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> New Jersey Health Care Facilities Financing Authority, RB:</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> AHS Hospital Corp., 6.00%, 7/01/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,080</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,617,398</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Greystone Park Psychiatric Hospital (AMBAC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 9/15/23</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 10,775</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 11,581,940</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> Meridian Health, Series I (AGC), 5.00%, 7/01/38</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 765</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 806,562</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> Meridian Health, Series II (AGC), 5.00%, 7/01/38</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 6,360</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 6,705,539</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> Meridian Health, Series V (AGC), 5.00%, 7/01/38</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,950</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,164,604</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> South Jersey Hospital, 6.00%, 7/01/12 (d)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,440</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 5,571,811</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Virtua Health (AGC), 5.50%, 7/01/38</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,035</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,322,536</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> New Jersey Health Care Facilities Financing Authority,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Refunding RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> AHS Hospital Corp., Series A (AMBAC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 6.00%, 7/01/13 (d)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,313,720</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> Atlantic City Medical Center, 5.75%, 7/01/12 (d)</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,525</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,560,365</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> Atlantic City Medical Center, 6.25%, 7/01/17 (d)</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 925</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 970,917</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Atlantic City Medical Center, 5.75%, 7/01/25</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,975</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,998,838</TD> </TR> </TABLE><BR>
<P style="text-align: left;"> See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 16 -->
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<TR valign="bottom">
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"> <FONT color=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"> <B><FONT color=#394c87>BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)</FONT></B></TD> </TR>
<TR valign="bottom">
     <TD align=left width=50%>&nbsp; </TD>
     <TD STYLE="text-align: right; font-size: 9pt"> <B><FONT color=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; width: 2%">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center"> <B>Par</B></TD>
     <TD STYLE="text-align: left; width: 2%; text-align: center">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Municipal Bonds</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>(000)</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>New Jersey (continued)</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD colspan=5>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Health (concluded)</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey Health Care Facilities Financing Authority,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Refunding RB (concluded):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Barnabas Health, Series A, 5.00%, 7/01/24</TD>
     <TD STYLE="text-align: right"> &#36;</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,820</TD>
     <TD STYLE="text-align: left"> &#36;</TD>
     <TD STYLE="text-align: right"> 1,935,861</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Barnabas Health, Series A, 5.63%, 7/01/32 (d)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,100</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,177,528</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Barnabas Health, Series A, 5.63%, 7/01/37</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,060</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,213,826</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Hackensack University Medical (AGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.13%, 1/01/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,644,315</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Hackensack University Medical (AGM),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.63%, 1/01/30</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,480</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 5,801,786</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> Meridian Health System Obligation, 5.00%, 7/01/25</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 700</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 801,836</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> Meridian Health System Obligation, 5.00%, 7/01/26</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,590</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,798,131</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 60,987,513</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Housing &#151; 6.5%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey State Housing &amp; Mortgage Finance</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Agency, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Capital Fund Program, Series A (AGM),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.70%, 11/01/25</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 9,245</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 9,605,647</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A AMT (NPFGC), 4.85%, 11/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 935</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 920,910</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series AA, 6.50%, 10/01/38</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,075</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,244,237</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series B, 4.50%, 10/01/30</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 7,150</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 7,393,315</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series B (AGM), 1.10%, 5/01/12</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,502,070</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Single Family Housing, Series T, AMT,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.70%, 10/01/37</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 745</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 753,128</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 22,419,307</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>State &#151; 41.7%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Garden State Preservation Trust, RB (AGM):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> CAB, Series B, 5.12%, 11/01/23 (e)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 9,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 6,285,960</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> CAB, Series B, 5.20%, 11/01/25 (e)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 10,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 6,406,200</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Election of 2005, Series A, 5.80%, 11/01/21</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,960</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,288,261</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Election of 2005, Series A, 5.80%, 11/01/23</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,730</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,205,894</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Garden State Preservation Trust, Refunding RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series C (AGM):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 11/01/20</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 6,402,700</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 11/01/21</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 7,705</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 9,973,121</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey EDA, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Cigarette Tax, 5.63%, 6/15/19</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,001,940</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Cigarette Tax (Radian), 5.75%, 6/15/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,089,880</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Cigarette Tax (Radian), 5.50%, 6/15/31</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 585</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 606,388</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Cigarette Tax (Radian), 5.75%, 6/15/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,180</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,224,604</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Liberty State Park Project, Series C (AGM),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 3/01/22</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,670</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,957,078</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Motor Vehicle Surcharge, Series A (NPFGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 7/01/24</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,785</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,165,651</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Motor Vehicle Surcharge, Series A (NPFGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 7/01/25</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,886,200</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Motor Vehicle Surcharge, Series A (NPFGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 7/01/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 7,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 9,128,250</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Motor Vehicle Surcharge, Series A (NPFGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 7/01/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 11,105</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 11,913,999</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Motor Vehicle Surcharge, Series A (NPFGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,065,120</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> School Facilities Construction, Series L (AGM),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 3/01/30</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 9,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 9,504,360</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> School Facilities Construction, Series O,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 3/01/23</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,420</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,579,253</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> School Facilities Construction, Series Y,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 9/01/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,224,130</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> School Facilities Construction, Series Z (AGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 6.00%, 12/15/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,800</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,229,716</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> School Facilities, Series U, 5.00%, 9/01/37</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 5,327,600</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> School Facilities, Series U (AMBAC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 9/01/37</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,131,040</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey EDA, Refunding RB, School Facilities</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Construction, Series N-1 (NPFGC), 5.50%, 9/01/27</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,275,780</TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: center"> <B>Par</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Municipal Bonds</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>New Jersey (concluded)</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>State (concluded)</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey Sports &amp; Exposition Authority, Refunding</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> RB (NPFGC):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.50%, 3/01/21</TD>
     <TD STYLE="text-align: left; width: 2%"> &#36;</TD>
     <TD STYLE="text-align: right; width: 13%; padding-right: 15pt"> 5,890</TD>
     <TD STYLE="text-align: left; width: 2%">&#36; </TD>
     <TD STYLE="text-align: right; width: 13%">7,026,652</TD></TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.50%, 3/01/22</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,150</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 3,772,818</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey Transportation Trust Fund Authority, RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Transportation System:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> CAB, Series C (AGM), 4.74%, 12/15/32 (e)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,050</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,497,487</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> CAB, Series C (AMBAC), 5.05%, 12/15/35 (e)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,400</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 415,674</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> CAB, Series C (AMBAC), 5.05%, 12/15/36 (e)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,570,965</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A, 6.00%, 6/15/35</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,365</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 5,288,634</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A, 5.76%, 12/15/35 (e)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 6,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,771,980</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A (AGC), 5.63%, 12/15/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 2,309,000</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A (AGM), 5.25%, 12/15/20</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 10,750</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 13,306,027</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A (AGM), 5.50%, 12/15/22</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 150</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 190,685</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A (NPFGC), 5.75%, 6/15/24</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,205</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,563,054</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series B, 5.50%, 6/15/31</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,425</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,685,989</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series B, 5.25%, 6/15/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,900</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 2,137,785</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series B (NPFGC), 5.50%, 12/15/21</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,250</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,580,475</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> State of New Jersey, COP, Equipment Lease Purchase,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series A, 5.25%, 6/15/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,080</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,217,225</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 144,207,575</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Tobacco &#151; 1.5%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Tobacco Settlement Financing Corp. New Jersey, RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px; border-bottom: Black 1pt solid"> 7.00%, 6/01/13 (d)</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-right: 15pt"> 4,755</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"> 5,182,427</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Transportation &#151; 15.2%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Delaware River Port Authority, RB (AGM):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Port District Project:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series B, 5.63%, 1/1/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,425</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 2,430,262</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series D, 5.00%, 1/01/40</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,700</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 3,998,368</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Delaware River Port Authority Pennsylvania &amp; New Jersey,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> RB (AGM), 5.63%, 1/01/13</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 6,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 6,024,840</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey State Turnpike Authority, RB, Growth</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> &amp; Income Securities, Series B (AMBAC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.15%, 1/01/15 (b)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 7,615</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 6,857,536</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey State Turnpike Authority, Refunding RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A (AGM), 5.25%, 1/01/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,900</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 6,165,817</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A (AGM), 5.25%, 1/01/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 2,550,500</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A (AGM), 5.25%, 1/01/30</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 5,136,920</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A (BHAC), 5.25%, 1/01/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 500</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 644,515</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series C (NPFGC), 6.50%, 1/01/16</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 910</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,084,347</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series C (NPFGC), 6.50%, 1/01/16 (d)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,385</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 3,809,716</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series C-2005 (NPFGC), 6.50%, 1/01/16 (d)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 255</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 313,262</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Port Authority of New York &amp; New Jersey, RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> JFK International Air Terminal, 6.00%, 12/01/42</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 2,696,925</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Port Authority of New York &amp; New Jersey, RB, Special</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Project, JFK International Air Terminal, Series 6,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> AMT (NPFGC):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 6.25%, 12/01/15</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,663,335</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.75%, 12/01/25</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 2,999,850</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Port Authority of New York &amp; New Jersey, Refunding RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Consolidated, 152nd Series, AMT, 5.75%, 11/01/30</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,175</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 6,104,223</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 52,480,416</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Utilities &#151; 4.7%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Essex County Utilities Authority, Refunding RB (AGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 4.13%, 4/01/22</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 2,147,800</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> North Hudson Sewerage Authority, Refunding RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series A (NPFGC), 5.13%, 8/01/20</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,335</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 5,027,299</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Rahway Valley Sewerage Authority, RB, CAB, Series A</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (NPFGC), 4.79%, 9/01/28 (e)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 6,600</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 3,079,494</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Union County Utilities Authority, Refunding RB, County</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Deficiency Agreement, Series A, 5.00%, 6/15/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,415</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 6,082,020</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 16,336,613</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Total Municipal Bonds in New Jersey</B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 435,177,765</TD> </TR> </TABLE><BR>
<P style="text-align: left;"> See Notes to Financial Statements.</P>
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<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"> <FONT color=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"> <B><FONT color=#394c87>BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)</FONT></B></TD> </TR>
<TR valign="bottom">
     <TD align=left width=50%>&nbsp; </TD>
     <TD STYLE="text-align: right; font-size: 9pt"> <B><FONT color=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: center"> <B>Par</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Municipal Bonds</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>Guam &#151; 1.4%</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>State &#151; 0.8%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Government of Guam Business Privilege, RB, Series A,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;&nbsp;5.13%, 1/01/42</TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; width: 2%"> &#36;</TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt; width: 13%"> 2,500</TD>
     <TD STYLE="text-align: left; width: 2%; border-bottom: #000000 1px solid">&#36; </TD>
     <TD STYLE="text-align: right; width: 13%; border-bottom: #000000 1px solid; padding-right: 3pt">2,719,750</TD></TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Utilities &#151; 0.6%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Guam Power Authority, Refunding RB, Series A (AGM),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;&nbsp;5.00%, 10/01/37</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 1,860</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 3pt"> 2,014,826</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Total Municipal Bonds in Guam</B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid; padding-right: 3pt"> 4,734,576</TD> </TR>
<TR>
     <TD COLSPAN="5" STYLE="border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>Puerto Rico &#151; 9.9%</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; padding-right: 15pt; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; padding-right: 3pt; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Health &#151; 0.5%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Puerto Rico Industrial Tourist Educational Medical</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> &amp; Environmental Control Facilities Financing</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Authority, RB, Series A, Hospital De La Concepcion,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;&nbsp;6.50%, 11/15/20</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 1,750</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 3pt"> 1,757,140</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>State &#151; 5.4%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Commonwealth of Puerto Rico, GO, Refunding, Public</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Improvement, Series C, 6.00%, 7/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,080</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt"> 2,288,562</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Puerto Rico Commonwealth Infrastructure</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Financing Authority, RB, CAB, Series A (AMBAC),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 4.38%, 7/01/37 (e)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt"> 818,240</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Puerto Rico Public Buildings Authority, Refunding RB,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Government Facilities, Series M-3 (NPFGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 6.00%, 7/01/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,125</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt"> 2,386,354</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Puerto Rico Sales Tax Financing Corp., RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> First Sub-Series A , 5.50%, 8/01/42</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,300</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt"> 1,425,853</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> First Sub-Series A, 6.00%, 8/01/42</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt"> 2,828,150</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> First Sub-Series A-1, 5.25%, 8/01/43</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,130</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt"> 2,326,407</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> First Sub-Series C (AGM), 5.13%, 8/01/42</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 6,120</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 3pt"> 6,621,167</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 3pt"> 18,694,733</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Transportation &#151; 1.3%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Puerto Rico Highway &amp; Transportation Authority,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;&nbsp;Refunding RB, Series CC (AGC), 5.50%, 7/01/31</TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 3,750</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 3pt"> 4,476,075</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Utilities &#151; 2.7%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Puerto Rico Aqueduct &amp; Sewer Authority, RB, Senior Lien,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series A (AGC), 5.13%, 7/01/47</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt"> 3,419,325</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Puerto Rico Electric Power Authority, RB, Series RR</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (CIFG), 5.00%, 7/01/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,100</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt"> 4,244,156</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Puerto Rico Electric Power Authority, Refunding RB,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series VV (NPFGC), 5.25%, 7/01/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,325</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 3pt"> 1,541,518</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 3pt"> 9,204,999</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Total Municipal Bonds in Puerto Rico</B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid; padding-right: 3pt"> 34,132,947</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Total Municipal Bonds &#151; 137.1%</B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid; padding-right: 3pt"> 474,045,288</TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5" STYLE="border-bottom: rgb(57,76,135) 4pt solid">&nbsp; </TD> </TR>
<TR STYLE="vertical-align: bottom">
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Municipal Bonds Transferred to</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Tender Option Bond Trusts (f)</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 3pt">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>New Jersey &#151; 16.3%</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 3pt">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Housing &#151; 1.6%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> New Jersey State Housing &amp; Mortgage Finance</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Agency, RB, Capital Fund Program, Series A (AGM),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;&nbsp;5.00%, 5/01/27</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 4,790</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 3pt"> 5,391,959</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>State &#151; 3.5%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Garden State Preservation Trust, RB, Election of 2005,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;&nbsp;Series A (AGM), 5.75%, 11/01/28</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 9,160</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 3pt"> 12,227,959</TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">

  <tr valign="bottom">

    <TD STYLE="text-align: left"> <b>Municipal Bonds Transferred to</b></td>
    <td colspan="2" style="text-align: center"> <b>Par</b></td>
    <TD STYLE="text-align: center">&nbsp; </td>
    <TD STYLE="text-align: center">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <b>Tender Option Bond Trusts (f)</b></td>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <b>(000)</b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp; </td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <b>Value</b></td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <b><font color=#394c87>New Jersey (concluded)</font></b></td>
    <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </td>
    <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </td>
    <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </td>
  </tr>

  <tr>

    <td colspan="5">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> <b>Transportation &#151; 7.3%</b></td>
    <td colspan="2" style="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> Port Authority of New York &amp; New Jersey, RB,</td>
    <td colspan="2" style="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; text-indent: 6px"> Consolidated, 163rd Series, 5.00%, 7/15/39</td>
    <TD STYLE="text-align: right; width: 2%">&#36; </td>
    <TD STYLE="text-align: right; padding-right: 15pt; width: 13%">11,456</td>
    <TD STYLE="text-align: left; width: 2%">$ </td>
    <TD STYLE="text-align: right; padding-right: 3pt; width: 13%">  12,855,928</td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> Port Authority of New York &amp; New Jersey, Refunding RB,</td>
    <td colspan="2" style="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right; padding-right: 3pt">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; text-indent: 6px"> Consolidated, AMT:</td>
    <td colspan="2" style="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right; padding-right: 3pt">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; text-indent: 12px"> Consolidated, 106th Series, 5.00%, 10/15/41</td>
    <td colspan="2" style="text-align: right; padding-right: 15pt"> 5,500</td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-indent: 12px; text-align: right; padding-right: 3pt"> 5,879,995</td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; text-indent: 12px"> Consolidated, 152nd Series, 5.25%, 11/01/35</td>
    <td colspan="2" style="text-align: right; padding-right: 15pt"> 5,998</td>
    <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt"> 6,519,270</td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </td>
    <td colspan="2" style="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </td>
    <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt"> 25,255,193</td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> <b>Utilities &#151; 3.9%</b></td>
    <td colspan="2" style="text-align: left; padding-right: 15pt">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right; padding-right: 3pt">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> Union County Utilities Authority, Refunding RB, Covanta</td>
    <td colspan="2" style="text-align: left; padding-right: 15pt">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right; padding-right: 3pt">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;&nbsp;Union, Series A, AMT, 5.25%, 12/01/31</td>
    <td colspan="2" style="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 12,370</td>
    <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt"> 13,521,523</td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <b>Total Municipal Bonds in New Jersey</b></td>
    <td colspan="2" style="text-align: left; border-bottom: Black 2pt solid; padding-right: 15pt">&nbsp; </td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-right: 3pt"> 56,396,634</td>
  </tr>

  <tr>

    <td colspan="5">&nbsp; </td>
  </tr>

  <tr>

    <TD COLSPAN="5">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; border-top: rgb(57,76,165) 2pt solid"> <b><font color=#394c87>Puerto Rico &#151; 0.4%</font></b></td>
    <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt; border-top: rgb(57,76,165) 2pt solid">&nbsp; </td>
    <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; border-top: rgb(57,76,165) 2pt solid">&nbsp; </td>
    <TD STYLE="background-color: #e9ebfb; border-bottom: rgb(57,76,165) 1pt solid; text-align: right; border-top: rgb(57,76,165) 2pt solid">&nbsp; </td>
  </tr>

  <tr>

    <TD COLSPAN="5">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> <b>State &#151; 0.4%</b></td>
    <td colspan="2" style="text-align: left; padding-right: 15pt">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> Puerto Rico Sales Tax Financing Corp., RB, Series C,</td>
    <td colspan="2" style="text-align: left; padding-right: 15pt">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-indent: 6px"> 5.25%, 8/01/40</td>
    <td colspan="2" style="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 1,270</td>
    <TD STYLE="text-align: left; border-bottom: #000000 1px solid">$ </td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">1,410,348</td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <b>Total Municipal Bonds in Puerto Rico</b></td>
    <td colspan="2" style="text-align: left; border-bottom: Black 2pt solid">&nbsp; </td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-right: 3pt"> 1,410,348</td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> <b>Total Municipal Bonds Transferred to</b></td>
    <td colspan="2" style="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right; padding-right: 3pt">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <b>Tender Option Bond Trusts &#151; 16.7%</b></td>
    <td colspan="2" style="text-align: left; border-bottom: Black 2pt solid">&nbsp; </td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-right: 3pt"> 57,806,982</td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> <b>Total Long-Term Investments</b></td>
    <td colspan="2" style="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right; padding-right: 3pt">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <b>(Cost &#151; &#36;488,854,847) &#151; 153.8%</b></td>
    <td colspan="2" style="text-align: left; border-bottom: Black 2pt solid">&nbsp; </td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-right: 3pt"> 531,852,270</td>
  </tr>

  <tr>

    <td colspan="5">&nbsp; </td>
  </tr>

  <tr>

    <td colspan="5" style="border-bottom: rgb(57,76,135) 4pt solid">&nbsp; </td>
  </tr>

    <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 3pt">&nbsp;</TD></TR>
<tr valign="bottom">

    <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> <b>Short-Term Securities</b></td>
    <td colspan="2" style="border-bottom: #000000 1px solid; text-align: center"> <b>Shares</b></td>
    <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">&nbsp; </td>
  </tr>

  <tr>

    <td colspan="5">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> BIF New Jersey Municipal Money Fund,</td>
    <td colspan="2" style="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right; padding-right: 3pt">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;&nbsp;0.00% (g)(h)</td>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 10,688,194</td>
    <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt"> 10,688,194</td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> <b>Total Short-Term Securities</b></td>
    <td colspan="2" style="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right; padding-right: 3pt">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <b>(Cost &#151; &#36;10,688,194) &#151; 3.1%</b></td>
    <td colspan="2" style="text-align: left; border-bottom: Black 2pt solid">&nbsp; </td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-right: 3pt"> 10,688,194</td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> <b>Total Investments (Cost &#151; &#36;499,543,041) &#151; 156.9%</b></td>
    <td colspan="2" style="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-indent: 6px; text-align: right; padding-right: 3pt"> 542,540,464</td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> <b>Other Assets Less Liabilities &#151; 1.3%</b></td>
    <td colspan="2" style="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-indent: 12px; text-align: right; padding-right: 3pt"> 4,655,482</td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> <b>Liability for TOB Trust Certificates, Including Interest</b></td>
    <td colspan="2" style="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: right">&nbsp; </td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left; text-indent: 12px"> <b>Expense and Fees Payable &#151; (8.3)%</b></td>
    <td colspan="2" style="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left">&nbsp; </td>
    <TD STYLE="text-indent: 6px; text-align: right"> (28,603,944)</td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> <b>VRDP Shares, at Liquidation Value &#151; (49.9)%</b></td>
    <td colspan="2" style="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"> (172,700,000)</td>
  </tr>

  <tr valign="bottom">

    <TD STYLE="text-align: left"> <b>Net Assets Applicable to Common Shares &#151; 100.0%</b></td>
    <td colspan="2" style="text-align: left">&nbsp; </td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> &#36;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-right: 3pt"> 345,892,002</td>
  </tr>

</table><BR>
<TABLE border=0 cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR>
     <TD NOWRAP STYLE="vertical-align: top; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR>
     <TD NOWRAP STYLE="vertical-align: top; width: 2%"> (a)&nbsp; &nbsp; &nbsp;    </TD>
     <TD STYLE="width: 98%"> Variable rate security. Rate shown is as of report date.      </TD> </TR>
<TR>
     <TD nowrap valign=top width="2%"> (b)&nbsp; &nbsp; &nbsp;  </TD>
     <TD width="98%"> Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date. </TD> </TR>
<TR>
     <TD nowrap valign=top width="2%"> (c)&nbsp; &nbsp; &nbsp;  </TD>
     <TD width="98%"> Security is collateralized by Municipal or US Treasury obligations.       </TD> </TR>
<TR>
     <TD nowrap valign=top width="2%"> (d)&nbsp; &nbsp; &nbsp;  </TD>
     <TD width="98%"> US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.  </TD> </TR>
<TR>
     <TD nowrap valign=top width="2%"> (e)&nbsp; &nbsp; &nbsp;  </TD>
     <TD width="98%"> Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.   </TD> </TR>
<TR>
     <TD nowrap valign=top width="2%"> (f)&nbsp; &nbsp; &nbsp;  </TD>
     <TD width="98%"> Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.      </TD> </TR> </TABLE>
<P style="text-align: left;"> See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">JANUARY 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0 width="100%">
<TR vAlign=bottom>
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87>Schedule of Investments (concluded)</FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"><B><FONT color=#394c87>BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)</FONT></B></TD></TR></TABLE><BR>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD vAlign=top width="2%" nowrap>(g)&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: </TD></TR></TABLE>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0 width="100%">
<TR vAlign=bottom>
     <TD STYLE="width: 22%; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD ROWSPAN="3" STYLE="width: 23%; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><B>Shares Held</B><BR>
<B>at July 31,</B><BR>
<B>2011</B></TD>
     <TD STYLE="width: 17%; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD ROWSPAN="3" STYLE="width: 22%; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><B>Shares Held</B><BR>
<B>at January 31,</B><BR>
<B>2012</B></TD>
     <TD STYLE="width: 3%; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="width: 10%; text-align: center; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="22%" align=center>&nbsp;</TD>
     <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; width: 17%; text-align: center"><B>Net</B><BR>
<B>Activity</B></TD>
     <TD width="3%" align=center>&nbsp;</TD>
     <TD width="10%" align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD WIDTH="22%" STYLE="border-bottom: #000000 1px solid; text-align: left; vertical-align: bottom"><B>Affiliate</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B>Income</B></TD></TR>
<TR vAlign=bottom>
     <TD width="22%" align=left>BIF New Jersey</TD>
     <TD width="23%" align=left>&nbsp;</TD>
     <TD width="17%" align=left>&nbsp;</TD>
     <TD width="22%" align=left>&nbsp;</TD>
     <TD width="3%" align=left>&nbsp;</TD>
     <TD width="10%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="text-indent: 12px" width="22%" align=left>Municipal</TD>
     <TD width="23%" align=left>&nbsp;</TD>
     <TD width="17%" align=left>&nbsp;</TD>
     <TD width="22%" align=left>&nbsp;</TD>
     <TD width="3%" align=left>&nbsp;</TD>
     <TD width="10%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; text-indent: 12px" width="22%" align=left>Money Fund</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="23%" align=center>9,941,803</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=center>746,391</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" align=center>10,688,194</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center>$2,105</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(h)</TD><TD STYLE="width: 5pt"></TD><TD>Represents the current yield as of report date.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>For Fund compliance purposes, the Fund&#146;s sector classifications refer to any
one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes and/or
as defined by Fund management. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications
for reporting ease.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Financial futures contracts sold as of January 31, 2012 were as follows:</TD>
</TR></TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-top: Black 1pt solid; vertical-align: bottom"><B>Contracts</B></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; border-top: Black 1pt solid"><B>Issue</B></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; border-top: Black 1pt solid"><B>Exchange</B></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; border-top: Black 1pt solid"><B>Expiration</B></TD>
<TD STYLE="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><B>Notional Value</B></td>
<TD STYLE="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><B>Unrealized Depreciation</B></td></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: center">10-Year US</TD>
     <TD STYLE="text-align: center">Chicago Board</TD>
     <TD STYLE="text-align: center">March</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 15%">40</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 14%"> Treasury Note</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 20%">of Trade</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 15%">2012</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 17%">$5,290,000</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 17%"> $ (70,076)</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Fair Value Measurements &#151; Various inputs are used in determining the fair value
of investments and derivative financial instruments. These inputs are categorized into a disclosure hierarchy consisting of three
broad levels for financial statement purposes as follows:</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Level 1 &#151; unadjusted price quotations in active markets/exchanges for identical
assets and liabilities</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Level 2 &#151; other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated
inputs)</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Level 3 &#151; unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the Fund&#146;s own assumptions used in determining
the fair value of investments and derivative financial instruments)</TD>
</TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">Changes in valuation techniques may result
in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments
and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument
and does not necessarily correspond to the Fund&#146;s perceived risk of investing in those securities. For information about
the Fund&#146;s policy regarding valuation of investments and derivative financial instruments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.</P>
<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">The following tables summarize the inputs
used as of January 31, 2012 in determining the fair valuation of the Fund&#146;s investments and derivative financial instruments:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; text-align: left; border-top: Black 1pt solid"><B>Valuation Inputs</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid; width: 15%"><B>Level 1</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid; width: 15%"><B>Level 2</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; text-align: center; border-top: Black 1pt solid; width: 15%"><B>Level 3</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; text-align: center; border-top: Black 1pt solid; width: 15%"><B>Total</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Assets:</B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">Investments:</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 6px; text-align: left">Long-Term</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Investments<SUP>1</SUP></TD>
     <TD STYLE="text-align: right; padding-right: 12pt">&#151;</TD>
     <TD STYLE="text-align: right; padding-right: 12pt">$531,852,270</TD>
     <TD STYLE="text-align: left; text-align: center">&#151;</TD>
     <TD STYLE="text-align: left; text-align: right">$531,852,270</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 6px; text-align: left">Short-Term</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: left; text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Securities</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 12pt">$10,688,194</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 12pt">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-indent: 6px; text-align: right">10,688,194</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Total</B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-right: 12pt">$10,688,194</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-right: 12pt">$531,852,270</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left; text-align: center">&#151;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left; text-align: right">$542,540,464</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; margin-bottom: 12pt">
<TR>
     <TD NOWRAP STYLE="vertical-align: top; width: 2%"><SUP>1</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD STYLE="width: 98%">See above Schedule of Investments for values in each sector. </TD></TR></TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1pt solid"><B>Valuation Inputs </B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid; width: 15%"><B>Level 1</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid; width: 15%"><B>Level 2</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; text-align: center; border-top: Black 1pt solid; width: 15%"><B>Level 3</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; text-align: center; border-top: Black 1pt solid; width: 15%"><B>Total</B></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left">Derivate Financial Instruments<SUP>2</SUP></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Liabilities:</B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">Interest rate</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 12px; text-align: left">contracts</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 12pt">$ (70,076)</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$(70,076)</TD></TR></TABLE><BR>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>2</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. </TD></TR></TABLE>
<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 19 -->
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<BR>
<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"> <FONT color=#394c87>Schedule of Investments </FONT><FONT color=#394c87><FONT STYLE="font-size: 10pt">January 31, 2012 (Unaudited)</FONT></FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"> <B><FONT color=#394c87>BlackRock MuniYield Investment Quality Fund (MFT)</FONT></B></TD> </TR>
<TR valign="bottom">
     <TD align=left width=58%>&nbsp; </TD>
     <TD STYLE="text-align: right; width: 41%; font-size: 9pt"> <B><FONT color=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; width: 2%">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center"> <B>Par</B></TD>
     <TD STYLE="text-align: left; width: 2%; text-align: center">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> <B>Municipal Bonds</B></TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"> <B>(000)</B></TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-align: center">&nbsp; </TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>Alabama &#151; 4.3%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Birmingham Special Care Facilities Financing Authority,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> RB (AGC), 6.00%, 6/01/39</TD>
     <TD STYLE="text-align: right"> &#36;</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,985</TD>
     <TD STYLE="text-align: left"> &#36;</TD>
     <TD STYLE="text-align: right"> 3,423,496</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Birmingham Special Care Facilities Financing Authority,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> RB, Children&#146;s Hospital (AGC), 6.13%, 6/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,733,760</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Selma Industrial Development Board, RB, International</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Paper Company Project, 5.38%, 12/01/35</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 375</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 392,018</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 5,549,274</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>California &#151; 18.5%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> California Health Facilities Financing Authority, RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 11/15/40</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 165</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 177,278</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> California Health Facilities Financing Authority, Refunding</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> RB, Sutter Health, Series B, 6.00%, 8/15/42</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,150</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,324,846</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> California State Educational Facilities Authority,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> RB, University of Southern California, Series A,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.25%, 10/01/38</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,960</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,204,432</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> California State Public Works Board, RB, Various Capital</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Projects, Series G-1 (AGC), 5.25%, 10/01/24</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,316,460</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> California State University, RB, Systemwide, Series A</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (AGM), 5.00%, 11/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,067,290</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of San Jose California, RB, AMT:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A-1, 5.50%, 3/01/30</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,600</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,739,296</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A-1, 6.25%, 3/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,250</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,441,800</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> County of Sacramento California, RB, Senior, Series A</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (AGC), 5.50%, 7/01/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,400</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,523,550</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Los Angeles Community College District California, GO:</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> Election of 2001, Series A (FGIC), 5.00%, 8/01/32</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,780</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,040,792</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Election of 2008, Series C, 5.25%, 8/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 572,950</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Redondo Beach Unified School District, GO, Election</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> of 2008, Series E, 5.50%, 8/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,169,270</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> San Bernardino Community College District, GO, Election</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> of 2002, Series A, 6.25%, 8/01/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 840</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,005,068</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> San Diego Public Facilities Financing Authority,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Refunding RB, Series B (AGC), 5.38%, 8/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,020</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,180,874</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> San Jacinto Unified School District, GO, Election</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> of 2006 (AGM), 5.25%, 8/01/32</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,090,520</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> State of California, GO, Various Purpose (AGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.50%, 11/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,450</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 3,852,580</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 23,707,006</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>Colorado &#151; 1.5%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Colorado Health Facilities Authority, RB, Hospital</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> NCMC Inc. Project, Series B (AGM), 6.00%, 5/15/26</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,300</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,537,315</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Regional Transportation District, COP, Series A,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 6/01/25</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 305</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 344,772</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,882,087</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>Florida &#151; 6.2%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Gainesville Florida, Refunding RB, Series C,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.25%, 10/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,270,800</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> County of Lee Florida, Refunding ARB, Series A, AMT,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.38%, 10/01/32</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,080,120</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Florida Housing Finance Corp., HRB, Brittany Rosemont</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Apartments, Series C-1, AMT (AMBAC), 6.75%, 8/01/14</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 285</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 285,650</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Manatee County Housing Finance Authority, RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series A, AMT (Fannie Mae), 5.90%, 9/01/40</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 540</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 606,274</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Orange County Health Facilities Authority, RB, The</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Nemours Foundation Project, Series A, 5.00%, 1/01/29</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,098,500</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Village Center Community Development District, RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series A (NPFGC):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.38%, 11/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,640</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,623,928</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.13%, 11/01/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 950,830</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 7,916,102</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>Illinois &#151; 15.6%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Chicago Board of Education Illinois, GO, Series A (a):</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.50%, 12/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,699,620</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 12/01/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,070,590</TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; width: 2%">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center"> <B>Par</B></TD>
     <TD STYLE="text-align: left; width: 2%; text-align: center">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> <B>Municipal Bonds</B></TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"> <B>(000)</B></TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-align: center">&nbsp; </TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>Illinois (concluded)</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Chicago Transit Authority, RB, Sales Tax Receipts,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.25%, 12/01/36 (a)</TD>
     <TD STYLE="text-align: right"> &#36;</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 425</TD>
     <TD STYLE="text-align: left"> &#36;</TD>
     <TD STYLE="text-align: right"> 475,150</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Chicago Illinois, RB, General, Third Lien:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A, 5.75%, 1/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 770</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 878,878</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series C (AGC), 5.25%, 1/01/38</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 525</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 592,021</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Chicago Illinois, Refunding RB, General,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Third Lien, Series C, 6.50%, 1/01/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,680</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,447,059</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Chicago Illinois Transit Authority, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Sales Tax Receipts, 5.25%, 12/01/40</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,215</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,355,199</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Federal Transit Administration Section 5309,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A (AGC), 6.00%, 6/01/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,400</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,660,442</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Illinois Finance Authority, Refunding RB, Carle</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Foundation, Series A, 6.00%, 8/15/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,555</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,695,199</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Illinois Municipal Electric Agency, RB, Series A (FGIC):</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 2/01/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,565</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,708,370</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 2/01/35</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,066,400</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Railsplitter Tobacco Settlement Authority, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.50%, 6/01/23</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 940</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,072,465</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 6.00%, 6/01/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 270</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 302,756</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> State of Illinois, RB, Build Illinois, Series B,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.25%, 6/15/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,750</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,991,255</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 20,015,404</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>Indiana &#151; 7.1%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Indiana Finance Authority Waste Water Utility, RB, CWA</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Authority Project, First Lien, Series A, 5.25%, 10/01/31</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,830</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,111,747</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Indiana Municipal Power Agency, RB, Series A (NPFGC),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 1/01/42</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,485</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,565,546</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Indianapolis Local Public Improvement Bond Bank, RB,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series K (AGM), 5.00%, 6/01/25</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,440</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,658,448</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Indianapolis Local Public Improvement Bond Bank,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Refunding RB, Waterworks Project, Series A (AGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.50%, 1/01/38</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,310</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 3,711,304</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 9,047,045</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>Iowa &#151; 0.6%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Iowa Finance Authority, Refunding RB, Iowa Health</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-left: 6px"> System (AGC), 5.25%, 2/15/29</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 700</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 773,990</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>Louisiana &#151; 0.5%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> New Orleans Aviation Board Louisiana, Refunding RB,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> GARB Restructuring:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A-1, (AGO), 6.00%, 1/01/23</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 375</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 451,279</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A-2, 6.00%, 1/01/23</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 160</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 192,545</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 643,824</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>Michigan &#151; 14.1%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Detroit Michigan, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Second Lien, Series A (BHAC), 5.50%, 7/01/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,265</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,505,430</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Second Lien, Series B (AGM), 6.25%, 7/01/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,800</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,087,676</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Second Lien, Series B (FGIC), 5.50%, 7/01/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,640</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,843,885</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Senior Lien, Series B (BHAC), 5.50%, 7/01/35</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,750</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,112,100</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Sewage Disposal System, Senior Lien, Series B</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> (AGM), 7.50%, 7/01/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 660</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 833,085</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Detroit Michigan, Refunding RB, Senior Lien,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series C-1 (AGM), 7.00%, 7/01/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,650</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,043,773</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Michigan State Building Authority, RB, Facilities Program,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series H (AGM), 5.00%, 10/15/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 375</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 426,296</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Michigan State Building Authority, Refunding RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Facilities Program, Series I (AGC):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 10/15/22</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,350</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,590,557</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 10/15/24</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 615</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 715,097</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 10/15/25</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 310</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 358,831</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Royal Oak Hospital Finance Authority Michigan, Refunding</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> RB, William Beaumont Hospital, 8.25%, 9/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,265</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,564,324</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 18,081,054</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>Minnesota &#151; 2.8%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> City of Minneapolis Minnesota, Refunding RB, Series B</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;&nbsp;(AGC), 6.50%, 11/15/38</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 3,000</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 3,541,440</TD> </TR> </TABLE><BR>
<P style="text-align: left;"> See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 20 -->
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<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"> <FONT color=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"> <B><FONT color=#394c87>BlackRock MuniYield Investment Quality Fund (MFT)</FONT></B></TD> </TR>
<TR valign="bottom">
     <TD align=left width=52%>&nbsp; </TD>
     <TD STYLE="text-align: right; font-size: 9pt"> <B><FONT color=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; width: 2%">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center"> <B>Par</B></TD>
     <TD STYLE="text-align: left; width: 2%; text-align: center">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> <B>Municipal Bonds</B></TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"> <B>(000)</B></TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-align: center">&nbsp; </TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>Nevada &#151; 5.6%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Clark County Water Reclamation District, GO, Series A,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.25%, 7/01/34</TD>
     <TD STYLE="text-align: right"> &#36;</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD STYLE="text-align: left"> &#36;</TD>
     <TD STYLE="text-align: right"> 2,246,280</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> County of Clark Nevada, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> Las Vegas-McCarran International Airport, Series A</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> (AGM), 5.25%, 7/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,675</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,826,504</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Subordinate Lien, Series A-2 (FGIC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/01/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,000</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 3,078,780</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 7,151,564</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>New Jersey &#151; 3.1%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> New Jersey Health Care Facilities Financing Authority,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> RB, Virtua Health (AGC), 5.50%, 7/01/38</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,400</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,532,636</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey Transportation Trust Fund Authority, RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Transportation System:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 6/15/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,125,150</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A, 5.50%, 6/15/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,195</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,371,131</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 4,028,917</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>New York &#151; 6.7%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New York City Municipal Water Finance Authority, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Second General Resolution Fiscal 2,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 6/15/44</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,113,660</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series FF-2, 5.50%, 6/15/40</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,545</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,778,851</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New York City Transitional Finance Authority, RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Fiscal 2009:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series S-3, 5.25%, 1/15/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,105,890</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series S-4 (AGC), 5.50%, 1/15/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,334,980</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> New York State Dormitory Authority, RB, General Purpose,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series C, 5.00%, 3/15/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,035</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 2,285,061</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 8,618,442</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>Pennsylvania &#151; 6.3%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> City of Philadelphia Pennsylvania, RB, Series C (AGM):</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 8/01/35</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,615</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,778,066</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 8/01/40</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,880</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,148,733</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Pennsylvania Turnpike Commission, RB, Sub-Series A,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 6.00%, 12/01/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,231,180</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Philadelphia Hospitals &amp; Higher Education Facilities</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Authority, RB, The Children&#146;s Hospital of Philadelphia</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Project, Series D,, 5.00%, 7/01/32</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 870</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 963,595</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 8,121,574</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>Puerto Rico &#151; 1.3%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Puerto Rico Sales Tax Financing Corp., RB, First</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;&nbsp;Sub-Series A, 6.38%, 8/01/39</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 1,425</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,663,531</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>Texas &#151; 21.6%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Austin Community College District, RB, Educational</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Facilities Project, Round Rock Campus,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.25%, 8/01/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,250</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,473,020</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Austin Texas, Refunding RB, Series A (AGM):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 11/15/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 720</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 828,094</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 11/15/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 915</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,041,773</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Houston Texas, Refunding RB, Combined,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> First Lien, Series A (AGC):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 6.00%, 11/15/35</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,700</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,254,094</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 6.00%, 11/15/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,055</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,467,747</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.38%, 11/15/38</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,132,020</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Clifton Higher Education Finance Corp., Refunding RB,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Baylor University, 5.25%, 3/01/32</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,235</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,423,696</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> County of Bexar Texas, RB, Venue Project, Motor Vehicle</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Rental (BHAC):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 8/15/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,040</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,168,170</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 8/15/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,090</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,218,554</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Frisco ISD Texas, GO, School Building (AGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.50%, 8/15/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,210</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,376,847</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Harris County Cultural Education Facilities Finance</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Corp., RB, Texas Children&#146;s Hospital Project,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.25%, 10/01/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 800</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 914,776</TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; width: 2%">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center"> <B>Par</B></TD>
     <TD STYLE="text-align: left; width: 2%; text-align: center">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> <B>Municipal Bonds</B></TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"> <B>(000)</B></TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-align: center">&nbsp; </TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>Texas (concluded)</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Harris County Health Facilities Development Corp.,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Refunding RB, Memorial Hermann Healthcare System,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series B, 7.25%, 12/01/35</TD>
     <TD STYLE="text-align: right"> &#36;</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 500</TD>
     <TD STYLE="text-align: left"> &#36;</TD>
     <TD STYLE="text-align: right"> 594,970</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Lubbock Cooper ISD Texas, GO, School Building (AGC),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.75%, 2/15/42</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 564,985</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> North Texas Tollway Authority, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series K-1 (AGC), 5.75%, 1/01/38</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,400</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,572,774</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> Special Projects System, Series A, 5.50%, 9/01/41</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,120</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,607,718</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> North Texas Tollway Authority, Refunding RB, System,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> First Tier:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> (AGM), 6.00%, 1/01/43</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,170,810</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A (AGC), 5.75%, 1/01/40</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,660,335</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Tarrant County Cultural Education Facilities Finance</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Corp., Refunding RB, Christus Health, Series A (AGC),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 6.50%, 7/01/37</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,100</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,270,434</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 27,740,817</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>Utah &#151; 0.8%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Riverton Utah, RB, IHC Health Services Inc.,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-indent: 6px"> 5.00%, 8/15/41</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,076,650</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>Virginia &#151; 1.0%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Virginia Public School Authority, RB, School Financing,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-indent: 6px"> 6.50%, 12/01/35</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 1,100</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,301,157</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>Washington &#151; 1.6%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Seattle Washington, Refunding RB, Series A,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.25%, 2/01/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,149,930</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> State of Washington, GO, Various Purpose, Series B,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.25%, 2/01/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 725</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 838,586</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,988,516</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Total Municipal Bonds &#151; 119.2%</B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: Black 2pt solid"> 152,848,394</TD> </TR>
<TR>
     <TD colspan=5>&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5" STYLE="border-bottom: rgb(57,76,135) 4pt solid">&nbsp; </TD> </TR>
<TR STYLE="vertical-align: bottom">
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Municipal Bonds Transferred to</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> <B>Tender Option Bond Trusts (b)</B></TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>Alabama &#151; 1.2%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Mobile Board of Water &amp; Sewer Commissioners, RB</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-indent: 6px"> (NPFGC), 5.00%, 1/01/31</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 1,500</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,591,230</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>California &#151; 2.1%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> San Diego Community College District California, GO,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-indent: 6px"> Election of 2002 (AGM), 5.00%, 5/01/30</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 2,500</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 2,741,400</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>District of Columbia &#151; 0.7%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> District of Columbia Water &amp; Sewer Authority, RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-indent: 6px"> Series A, 6.00%, 10/01/35</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 750</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 936,955</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>Florida &#151; 3.7%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Jacksonville Florida, RB, Better Jacksonville</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (NPFGC), 5.00%, 10/01/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,320</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,396,190</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Hillsborough County Aviation Authority, RB, Series A, AMT</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (AGC), 5.50%, 10/01/38</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,499</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,643,203</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Lee County Housing Finance Authority, RB, Multi-County</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Program, Series A-2, AMT (Ginnie Mae),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 6.00%, 9/01/40</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 645</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 689,421</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 4,728,814</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>Illinois &#151; 2.6%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Chicago Transit Authority, Refunding RB, Federal Transit</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;&nbsp;Administration Section 5309 (AGM), 5.00%, 6/01/28</TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 2,999</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 3,271,848</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>Kentucky &#151; 0.9%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Kentucky State Property &amp; Building Commission,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;&nbsp;Refunding RB, Project No. 93 (AGC), 5.25%, 2/01/27</TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 1,002</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,155,887</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B><FONT color=#394c87>Massachusetts &#151; 1.8%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Massachusetts School Building Authority, RB, Senior,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;&nbsp;Series B, 5.00%, 10/15/41 (a)</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 2,040</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 2,313,217</TD> </TR> </TABLE><BR>
<P style="text-align: left;"> See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 21 -->
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<BR>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0 width="100%">
<TR vAlign=bottom>
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87>Schedule of Investments (concluded)</FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"><B><FONT color=#394c87>BlackRock MuniYield Investment Quality Fund (MFT)</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD width="53%" align=left>&nbsp;</TD>
     <TD STYLE="text-align: right; font-size: 9pt"><B><FONT color=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Municipal Bonds Transferred to</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center"><B>Par</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><B>Tender Option Bond Trusts (b)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Nevada &#151; 7.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">Clark County Water Reclamation District, GO:</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Limited Tax, 6.00%, 7/01/38</TD>
     <TD STYLE="text-align: left">$</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,010</TD>
     <TD STYLE="text-align: left">$</TD>
     <TD STYLE="text-align: right"> 2,351,861</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Series B, 5.50%, 7/01/29</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt">1,994</TD>
     <TD COLSPAN="2" STYLE="text-indent: 4px; text-align: right">2,345,510</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">Las Vegas Valley Water District, GO, Refunding, Series C,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 6px; text-align: left">5.00%, 6/01/28</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt">4,200</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 4px; text-align: right">4,857,006</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 4px; text-align: right">9,554,377</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>New Jersey &#151; 2.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">New Jersey EDA, RB, School Facilities Construction,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 6px; text-align: left">Series Z (AGC), 6.00%, 12/15/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt">1,000</TD>
     <TD COLSPAN="2" STYLE="text-indent: 4px; text-align: right">1,153,470</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">New Jersey State Housing &amp; Mortgage Finance Agency,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 6px; text-align: left">RB, S/F Housing, Series CC, 5.25%, 10/01/29</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt">1,620</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 4px; text-align: right">1,738,164</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 4px; text-align: right">2,891,634</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>New York &#151; 13.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">Hudson New York Yards Infrastructure Corp., RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 6px; text-align: left">Series A, 5.75%, 2/15/47</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt">1,000</TD>
     <TD COLSPAN="2" STYLE="text-indent: 4px; text-align: right">1,129,915</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">New York City Municipal Water Finance Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Second General Resolution, Series BB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">5.25%, 6/15/44</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt">2,999</TD>
     <TD COLSPAN="2" STYLE="text-indent: 4px; text-align: right">3,425,458</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Series FF-2, 5.50%, 6/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt">1,095</TD>
     <TD COLSPAN="2" STYLE="text-indent: 4px; text-align: right">1,260,436</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">New York Liberty Development Corp., RB, 1 World Trade</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 6px; text-align: left">Center Port Authority Construction, 5.25%, 12/15/43</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt">3,000</TD>
     <TD COLSPAN="2" STYLE="text-indent: 4px; text-align: right">3,408,090</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">New York Liberty Development Corp., Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 6px; text-align: left">5.75%, 11/15/51</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt">1,770</TD>
     <TD COLSPAN="2" STYLE="text-indent: 4px; text-align: right">2,014,136</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">New York State Dormitory Authority, ERB, Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 6px; text-align: left">5.25%, 3/15/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt">3,250</TD>
     <TD COLSPAN="2" STYLE="text-indent: 4px; text-align: right">3,638,277</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">New York State Thruway Authority, RB, Series G (AGM),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 6px; text-align: left">5.00%, 1/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt">2,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 4px; text-align: right">2,186,420</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 12px; text-align: right">17,062,732</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Puerto Rico &#151; 1.0%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">Puerto Rico Sales Tax Financing Corp., RB, Series C,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left">5.25%, 8/01/40</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 15pt">1,200</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 4px; text-align: right">1,332,612</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Texas &#151; 2.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">City of San Antonio Texas, Refunding RB, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left">5.25%, 2/01/31</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 15pt">2,609</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 4px; text-align: right">3,020,508</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Total Municipal Bonds Transferred to</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B>Tender Option Bond Trusts &#151; 39.5%</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-indent: 12px; text-align: right">50,601,214</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Total Long-Term Investments</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B>(Cost &#151; $184,670,962) &#151; 158.7%</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-indent: 6px; text-align: right">203,449,608</TD></TR>
<TR>
     <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
     <TD COLSPAN="5" STYLE="border-bottom: rgb(57,76,135) 4pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><B>Short-Term Securities</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Shares</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">FFI Institutional Tax-Exempt Fund, 0.01% (c)(d)</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 15pt">4,599,576</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 4px; text-align: right">4,599,576</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Total Short-Term Securities</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B>(Cost &#151; $4,599,576) &#151; 3.6%</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-indent: 4px; text-align: right">4,599,576</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Total Investments (Cost &#151; $189,270,538) &#151; 162.3%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-indent: 6px; text-align: right">208,049,184</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Other Assets Less Liabilities &#151; 1.0%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-indent: 4px; text-align: right">1,382,931</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Liability for TOB Trust Certificates, Including Interest</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left"><B>Expense and Fees Payable &#151; (19.2)%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-indent: 12px; text-align: right">(24,780,575</TD>
     <TD STYLE="text-align: left">)</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; width: 67%"><B>VMTP Shares, at Liquidation Value &#151; (44.1)%</B></TD>
     <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 14%">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 2%">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 14%">(56,500,000</TD>
     <TD STYLE="text-align: left; width: 1%">)</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Net Assets Applicable to Common Shares &#151; 100.0%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">128,151,540</TD></TR></TABLE><BR>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD NOWRAP STYLE="vertical-align: top; width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid">(a)&nbsp; &nbsp; &nbsp; </TD>
     <TD STYLE="width: 98%; border-top: Black 1pt solid; border-bottom: Black 1pt solid">When-issued security. Unsettled when-issued transactions were as follows: </TD></TR></TABLE>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0 width="100%">
<TR vAlign=bottom>
     <TD STYLE="width: 44%; text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: center; width: 35%">&nbsp;</TD>
     <TD ROWSPAN="2" STYLE="width: 20%; text-align: center; border-bottom: Black 1pt solid"><B>Unrealized</B><BR>
<B>Appreciation</B></TD></TR>
<TR vAlign=bottom>
     <TD WIDTH="44%" ALIGN="CENTER" STYLE="border-bottom: #000000 1px solid; text-align: left"><B>Counterparty</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" align=center><B>Value</B></TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="44%" align=left>Jeffries &amp; Company, Inc.</TD>
     <TD width="35%" align=center>$2,770,210</TD>
     <TD width="20%" align=center>$167,315</TD></TR>
<TR vAlign=bottom>
     <TD width="44%" align=left>Wells Fargo</TD>
     <TD width="35%" align=center>$&nbsp;&nbsp;&nbsp;475,150</TD>
     <TD width="20%" align=center>$&nbsp;&nbsp;37,672</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" align=left>Barclays Capital, Inc.</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" align=center>$2,313,217</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=center>$143,824</TD></TR></TABLE><BR>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD vAlign=top width="2%" nowrap>(b)&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. </TD></TR></TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; margin-bottom: 6pt">
<TR>
     <TD NOWRAP STYLE="vertical-align: top; width: 2%">(c)&nbsp; &nbsp; &nbsp; </TD>
     <TD STYLE="width: 98%">Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: </TD></TR></TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%; margin-bottom: 6pt">
<TR vAlign=bottom>
     <TD STYLE="width: 20%; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD ROWSPAN="3" STYLE="width: 20%; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><B>Shares Held</B><BR>
<B>at July 31,</B><BR>
<B>2011</B></TD>
     <TD STYLE="width: 20%; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD ROWSPAN="3" STYLE="width: 20%; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><B>Shares Held</B><BR>
<B>at January 31,</B><BR>
<B>2012</B></TD>
     <TD STYLE="width: 20%; text-align: center; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: center">&nbsp;</TD>
     <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Net</B><BR>
<B>Activity</B></TD>
     <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Affiliate</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Income</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">FFI Institutional</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 12px; text-align: left">Tax-Exempt Fund</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">6,706,791</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">(2,107,215)</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">4,599,576</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$324</TD></TR></TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; margin-bottom: 6pt">
<TR>
     <TD NOWRAP STYLE="vertical-align: top; width: 2%">(d)&nbsp; &nbsp; &nbsp; </TD>
     <TD STYLE="width: 98%">Represents the current yield as of report date. </TD></TR>
<TR>
     <TD NOWRAP STYLE="vertical-align: top; text-align: right">&#149;&nbsp; &nbsp; </TD>
     <TD>Financial futures contracts sold as of January 31, 2012 were as follows: </TD></TR></TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%; margin-bottom: 6pt">
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid"><B>Notional </B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid"><B>Unrealized</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="width: 15%; text-align: center; border-bottom: #000000 1px solid"><B>Contracts</B></TD>
     <TD STYLE="width: 14%; text-align: center; border-bottom: #000000 1px solid"><B> Issue</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 20%"><B>Exchange</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 15%"><B>Expiration</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Value </B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Depreciation</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: center">10-Year US</TD>
     <TD STYLE="text-align: center">Chicago Board</TD>
     <TD STYLE="text-align: center">March</TD>
     <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">43</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"> Treasury Note</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">of Trade</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">2012</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$5,686,750 </TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$ (75,332)</TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Fair Value Measurements &#151; Various inputs are used in determining the fair value
of investments and derivative financial instruments. These inputs are categorized into a disclosure hierarchy consisting of three
broad levels for financial statement purposes as follows:</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Level 1 &#151; unadjusted price quotations in active markets/exchanges for identical
assets and liabilities</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Level 2 &#151; other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated
inputs)</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Level 3 &#151; unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the Fund&#146;s own assumptions used in determining
the fair value of investments and derivative financial instruments)</TD>
</TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">Changes in valuation techniques may result
in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments
and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument
and does not necessarily correspond to the Fund&#146;s perceived risk of investing in those securities. For information about
the Fund&#146;s policy regarding valuation of investments and derivative financial instruments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.</P>
<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">The following tables summarize the inputs
used as of January 31, 2012 in determining the fair valuation of the Fund&#146;s investments and derivative financial instruments:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1px solid; border-top: Black 1pt solid; text-align: left"><B>Valuation Inputs</B></TD>
     <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom"><B>Level 1</B></TD>
     <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom"><B>Level 2</B></TD>
     <TD STYLE="width: 15%; text-align: left; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>Level 3</B></TD>
     <TD STYLE="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1px solid; text-align: center"><B>Total</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Assets:</B></TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">Investments:</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 6px; text-align: left">Long-Term</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Investments<SUP>1</SUP></TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">$203,449,608</TD>
     <TD STYLE="text-align: left; text-align: center">&#151;</TD>
     <TD STYLE="text-align: right">$203,449,608</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 6px; text-align: left">Short-Term</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Securities</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; vertical-align: bottom">$4,599,576</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; vertical-align: bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">4,599,576</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Total</B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: center; vertical-align: bottom">$4,599,576</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: center; vertical-align: bottom">$203,449,608</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left; text-align: center">&#151;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$208,049,184</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; margin-bottom: 12pt">
<TR>
     <TD NOWRAP STYLE="vertical-align: top; width: 2%"><SUP>1</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD STYLE="width: 98%">See above Schedule of Investments for values in each state or political subdivision. </TD></TR></TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1pt solid"><B>Valuation Inputs </B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid; width: 15%; vertical-align: bottom"><B>Level 1</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid; width: 15%; vertical-align: bottom"><B>Level 2</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; text-align: center; border-top: Black 1pt solid; width: 15%"><B>Level 3</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid; width: 10%"><B>Total</B></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left">Derivate Financial Instruments<SUP>2</SUP></TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Liabilities:</B></TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">Interest rate</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 12px; text-align: left">contracts</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; vertical-align: bottom">$ (75,332)</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; vertical-align: bottom">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$(75,332)</TD></TR></TABLE><BR>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>2</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. </TD></TR></TABLE>
<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">JANUARY 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"> <FONT color=#394c87>Schedule of Investments </FONT><FONT color=#394c87><FONT STYLE="font-size: 10pt">January 31, 2012 (Unaudited)</FONT></FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"> <B><FONT color=#394c87>BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)</FONT></B></TD> </TR>
<TR valign="bottom">
     <TD align=left width=57%>&nbsp; </TD>
     <TD STYLE="text-align: right; font-size: 9pt"> <B><FONT color=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; width: 2%">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center"> <B>Par</B></TD>
     <TD STYLE="text-align: left; width: 2%; text-align: center">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Municipal Bonds</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>(000)</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>Michigan &#151; 131.1%</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD colspan=5>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Corporate &#151; 6.8%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Delta County EDC, Refunding RB, Mead Westvaco-</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Escanaba, Series B, AMT, 6.45%, 4/15/23 (a)</TD>
     <TD STYLE="text-align: right"> &#36;</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,500</TD>
     <TD STYLE="text-align: left"> &#36;</TD>
     <TD STYLE="text-align: right"> 1,519,230</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Dickinson County EDC, Michigan, Refunding RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> International Paper Co. Project, Series A,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.75%, 6/01/16</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,900</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,949,374</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Monroe County EDC, Michigan, Refunding RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Detroit Edison Co. Project, Series AA (NPFGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 6.95%, 9/01/22</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 10,695</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 14,406,272</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 19,874,876</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> <B>County/City/Special District/School District &#151; 35.0%</B></TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Adrian City School District Michigan, GO (AGM) (a):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 5/01/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,203,800</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 5/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,600</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,763,040</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Anchor Bay School District, GO, Refunding (Q-SBLF):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.13%, 5/01/25</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,257,340</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.25%, 5/01/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,800</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,946,772</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.38%, 5/01/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 960</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,039,104</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.38%, 5/01/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 600</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 645,330</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.50%, 5/01/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 900</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 972,027</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Bay City School District Michigan, GO, School Building</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> &amp; Site (AGM), 5.00%, 5/01/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,800</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,935,044</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Birmingham City School District Michigan, GO, School</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Building &amp; Site (AGM), 5.00%, 11/01/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,039,480</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Charter Township of Canton Michigan, GO, Capital</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Improvement (AGM):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 4/01/25</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,840</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,020,210</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 4/01/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,182,840</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 4/01/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 543,220</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Oak Park Michigan, GO, Street Improvement</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (NPFGC), 5.00%, 5/01/30</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 535,270</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Comstock Park Public Schools, GO, School Building</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> &amp; Site, Series B (Q-SBLF):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.50%, 5/01/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 750</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 845,490</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.50%, 5/01/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,355</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,525,283</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> County of Genesee Michigan, GO, Water Supply System</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (NPFGC), 5.13%, 11/01/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,023,360</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> County of Genesee Michigan, GO, Refunding, Series A</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (NPFGC), 5.00%, 5/01/19</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 600</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 657,816</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Dearborn Brownfield Redevelopment Authority, GO,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Limited Tax, Redevelopment, Series A (AGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.50%, 5/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,300</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,665,640</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Detroit City School District Michigan, GO, School Building</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> &amp; Site Improvement (FGIC):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A, 5.38%, 5/01/24 (a)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,300</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,382,420</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series B, 5.00%, 5/01/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,850</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,894,004</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Eaton Rapids Public Schools Michigan, GO, School</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Building &amp; Site (AGM):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 5/01/20</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,325</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,452,134</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 5/01/21</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,675</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,835,716</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Flint Economic Development Corp., RB, Michigan</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Department of Human Services Office Building Project,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.25%, 10/01/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,070</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,185,248</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Fraser Public School District, GO, School Building</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> &amp; Site (AGM), 5.00%, 5/01/25</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,205,560</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Gibraltar School District Michigan, GO, School Building</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> &amp; Site Improvement:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> (FGIC), 5.00%, 5/01/28 (a)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,940</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,239,586</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> (NPFGC), 5.00%, 5/01/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 710</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 738,279</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Goodrich Area School District, GO, School Building</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> &amp; Site (Q-SBLF):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.50%, 5/01/32</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 600</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 691,530</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.50%, 5/01/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,200</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,356,780</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.50%, 5/01/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,575</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,775,529</TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; width: 2%">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center"> <B>Par</B></TD>
     <TD STYLE="text-align: left; width: 2%; text-align: center">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Municipal Bonds</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>(000)</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>Michigan (continued)</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD colspan=5>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> <B>County/City/Special District/School District (concluded)</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Grand Rapids Building Authority Michigan, RB, Series A</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (AMBAC) (a):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.50%, 10/01/19</TD>
     <TD STYLE="text-align: right"> &#36;</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 435</TD>
     <TD STYLE="text-align: left"> &#36;</TD>
     <TD STYLE="text-align: right"> 450,351</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.50%, 10/01/20</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 600</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 621,174</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Gull Lake Community School District, GO (AGM):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Refunding, 4.00%, 5/01/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 995</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,038,710</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> School Building &amp; Site, 5.00%, 5/01/30 (a)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,625</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,998,701</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Harper Creek Community School District Michigan, GO,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Refunding (AGM), 5.00%, 5/01/22</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,125</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,265,220</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Harper Woods School District Michigan, GO, Refunding,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> School Building &amp; Site (NPFGC), 5.00%, 5/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 430</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 442,500</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Hudsonville Public Schools, GO, School Building &amp; Site</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (Q-SBLF), 5.25%, 5/01/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,112,960</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Jenison Public Schools Michigan, GO, Building &amp; Site</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (NPFGC), 5.50%, 5/01/19 (a)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,575</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,595,979</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> L&#146;Anse Creuse Public Schools Michigan, GO, School</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Building &amp; Site (AGM):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 5/01/24</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,105,790</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 5/01/25</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,525</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,686,330</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 5/01/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,600</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,769,264</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 5/01/35</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,116,370</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Lansing Building Authority Michigan, GO, Series A</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (NPFGC), 5.38%, 6/01/23 (a)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,510</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,612,876</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Lincoln Consolidated School District Michigan, GO,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Refunding (NPFGC), 4.63%, 5/01/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 5,272,650</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Livonia Public Schools School District Michigan, GO,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Refunding, Series A (NPFGC), 5.00%, 5/01/24</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,071,830</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Montrose Community Schools, GO (NPFGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 6.20%, 5/01/17</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,233,670</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Orchard View Schools Michigan, GO, School Building</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> &amp; Site (NPFGC), 5.00%, 5/01/29 (a)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,320</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 5,754,431</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Parchment School District, County of Kalamazoo,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> State of Michigan, GO, School Building and Site,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 5/01/25</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,146,490</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Pennfield School District Michigan, GO, School Building</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> &amp; Site (a):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> (FGIC), 5.00%, 5/01/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 765</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 842,051</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> (NPFGC), 5.00%, 5/01/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 605</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 665,936</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Reed City Public Schools Michigan, GO, School Building</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> &amp; Site (AGM), 5.00%, 5/01/26 (a)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,425</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,571,903</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Rochester Community School District, GO (NPFGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 5/01/19</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 435</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 503,491</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Romulus Community Schools, GO, Refunding,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (AGM)(AGM):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.00%, 5/01/24</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,100</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,170,565</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.13%, 5/01/25</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,150</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,229,500</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.25%, 5/01/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,200</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,279,044</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.25%, 5/01/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,200</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,265,976</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.50%, 5/01/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,025</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,091,164</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Southfield Public Schools Michigan, GO, School Building</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> &amp; Site, Series B (AGM), 5.00%, 5/01/29 (a)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,206,180</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Thornapple Kellogg School District Michigan, GO, School</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Building &amp; Site (NPFGC), 5.00%, 5/01/32</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,669,625</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Van Dyke Public Schools Michigan, GO, School Building</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> &amp; Site (AGM), 5.00%, 5/01/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,250</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,380,212</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Zeeland Public Schools Michigan, GO, School Building</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> &amp; Site (NPFGC), 5.00%, 5/01/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,600</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,661,616</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 101,390,411</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Education &#151; 8.6%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Eastern Michigan University, Refunding RB, General</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (AMBAC), 6.00%, 6/01/20</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 435</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 436,662</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Grand Valley State University Michigan, RB, General</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (NPFGC), 5.50%, 2/01/18</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,070</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,304,903</TD> </TR> </TABLE><BR>
<P style="text-align: left;"> See Notes to Financial Statements.</P>
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<TR valign="bottom">
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"> <FONT color=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"> <B><FONT color=#394c87>BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)</FONT></B></TD> </TR>
<TR valign="bottom">
     <TD align=left width=52%>&nbsp; </TD>
     <TD STYLE="text-align: right; font-size: 9pt"> <B><FONT color=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: center"> <B>Par</B></TD>
     <TD STYLE="text-align: left; text-align: center">&nbsp; </TD>
     <TD STYLE="text-align: center">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>(000)</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>Michigan (continued)</FONT></B></TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Education (concluded)</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Michigan Higher Education Facilities Authority, RB, Limited</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Obligation, Hillsdale College Project, 5.00%, 3/01/35 </TD>
     <TD STYLE="text-align: left; width: 2%; padding-right: 15pt">$</TD>
     <TD STYLE="text-align: right; width: 13%; padding-right: 15pt">1,720</TD>
     <TD STYLE="text-align: left; width: 2%"> &#36;</TD>
     <TD STYLE="text-align: right; width: 13%"> 1,745,060</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Michigan Higher Education Facilities Authority, Refunding</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> RB, Limited Obligation, Creative Studies (a):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.85%, 12/01/22</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,235</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,258,033</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.90%, 12/01/27</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,145</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,166,549</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Michigan Higher Education Student Loan Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Student Loan:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series XVII-I, 5.20%, 3/01/24</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 2,900</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,979,721</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series XVII-P (AMBAC), 4.88%, 3/01/30</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 2,300</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,326,657</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series XVII-Q AMT (AMBAC), 5.00%, 3/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 3,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,067,620</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Michigan State University, Refunding RB, General,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series C, 5.00%, 2/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 4,700</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 5,169,483</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Saginaw Valley State University Michigan, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> General (NPFGC), 5.00%, 7/01/24</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 2,100</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,183,706</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Western Michigan University, Refunding RB, General,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.25%, 11/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 2,100</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 2,326,926</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 24,965,320</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Health &#151; 22.4%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Dickinson County Healthcare System, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series A (ACA), 5.80%, 11/01/24</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 3,100</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,100,062</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Flint Hospital Building Authority Michigan, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Hurley Medical Center (ACA):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 6.00%, 7/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,125</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,131,131</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A, 5.38%, 7/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 615</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 606,956</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Kalamazoo Hospital Finance Authority, RB, Bronson</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Methodist Hospital (AGM), 5.25%, 5/15/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 4,750</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 5,151,137</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Kent Hospital Finance Authority Michigan, RB, Spectrum</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Health, Series A, 5.00%, 11/15/29</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 4,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,976,505</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Kent Hospital Finance Authority Michigan, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Butterworth, Series A (NPFGC), 7.25%, 1/15/13 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 330</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 342,464</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Michigan State Finance Authority, RB, Trinity Health Credit:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 12/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 3,100</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,389,385</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 12/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 3,100</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,305,654</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Michigan State Hospital Finance Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Ascension Health Senior Credit Group,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 11/15/25</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 3,700</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,218,703</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Hospital, MidMichigan Obligation Group, Series A</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> (AMBAC), 5.50%, 4/15/18</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 2,530</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,546,192</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Hospital, Oakwood Obligation Group, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.75%, 4/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 5,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 5,105,900</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> McLaren Health Care, Series C, 5.00%, 8/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,021,540</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> MidMichigan Obligation Group, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 4/15/26</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 620</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 647,013</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> MidMichigan Obligation Group, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 4/15/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 3,550</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,614,362</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Trinity Health Credit, Series C, 5.38%, 12/01/30</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 3,410</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,457,945</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Michigan State Hospital Finance Authority, Refunding RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Henry Ford Health System, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 11/15/46</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 2,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,566,350</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Hospital, Crittenton, Series A, 5.63%, 3/01/27</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 2,050</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,072,571</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Hospital, Oakwood Obligation Group, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/15/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 600</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 642,582</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Hospital, Oakwood Obligation Group, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/15/25</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 3,260</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,407,417</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Hospital, Oakwood Obligation Group, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/15/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 630</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 632,671</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Hospital, Sparrow Obligated, 5.00%, 11/15/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 3,100</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,208,345</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Mclaren Health Care, 5.75%, 5/15/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 4,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,873,905</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Trinity Health Credit, Series A, 6.25%, 12/01/28</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 930</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,090,974</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Trinity Health Credit, Series A, 6.50%, 12/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,174,230</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Trinity Health Credit, Series C, 5.38%, 12/01/23 (a)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,042,870</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Trinity Health Credit, Series C, 5.38%, 12/01/30 (a)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 345</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 359,790</TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; width: 2%">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center"> <B>Par</B></TD>
     <TD STYLE="text-align: left; width: 2%; text-align: center">&nbsp; </TD>
     <TD STYLE="width: 13%; text-align: center">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Municipal Bonds</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>(000)</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>Michigan (continued)</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD colspan=5>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Health (concluded)</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Royal Oak Hospital Finance Authority Michigan, Refunding</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> RB, William Beaumont Hospital, 8.25%, 9/01/39</TD>
     <TD STYLE="text-align: right"> &#36;</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &#36;</TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,236,620</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 64,923,274</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Housing &#151; 7.0%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Michigan State HDA, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Deaconess Tower AMT (Ginnie Mae),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 2/20/48</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,022,120</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A, 4.75%, 12/01/25</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,400</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,631,704</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A, 6.00%, 10/01/45</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 6,990</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 7,152,867</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A, AMT (NPFGC), 5.30%, 10/01/37</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 130</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 130,060</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Williams Pavilion, AMT (Ginnie Mae),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.75%, 4/20/37</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,815</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,856,927</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Michigan State HDA, Refunding RB, Series A,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 6.05%, 10/01/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,260</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 3,488,623</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 20,282,301</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>State &#151; 18.4%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Michigan Municipal Bond Authority, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> Clean Water Revolving-Pooled, 5.00%, 10/01/27</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,240</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,476,232</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> Local Government Loan Program, Group A (AMBAC),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.50%, 11/01/20</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,065</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,065,969</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> State Clean Water, 5.00%, 10/01/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,250</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,453,813</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Michigan Municipal Bond Authority, Refunding RB, Local</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Government, Charter County Wayne, Series B (AGC):</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 11/01/15</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,679,055</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 11/01/16</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 576,530</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.38%, 11/01/24</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 125</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 146,775</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Michigan State Building Authority, RB, Facilities Program,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series H (AGM), 5.00%, 10/15/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 5,115,555</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Michigan State Building Authority, Refunding RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Facilities Program:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series I, 6.25%, 10/15/38</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,900</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,520,685</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series I, 5.50%, 10/15/45</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,250</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,411,313</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series I (AGC), 5.25%, 10/15/24</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,651,040</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series I (AGC), 5.25%, 10/15/25</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,315,040</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series I (AGC), 5.25%, 10/15/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 600</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 690,096</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series II (NPFGC), 5.00%, 10/15/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,604,195</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Michigan State Finance Authority, RB, Series F:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 4/01/31</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,062,150</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 10/01/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 6,085</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 6,414,746</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Michigan Strategic Fund, RB, Cadillac Place Office</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Building Project, 5.25%, 10/15/31</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,664,790</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> State of Michigan, RB, GAB (AGM), 5.25%, 9/15/27</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,250</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 5,855,640</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> State of Michigan Trunk Line Revenue, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 11/15/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,174,080</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 11/15/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,850</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,116,159</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 11/15/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,959,690</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> State of Michigan, COP (AMBAC), 5.55%, 6/01/22 (b)(c)</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,000</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 2,359,680</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 53,313,233</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Transportation &#151; 11.8%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Sturgis Building Authority, RB, Sturgis Hospital Project</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (NPFGC), 4.75%, 10/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 475</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 482,819</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Wayne County Airport Authority, RB, Detroit Metropolitan</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Wayne County Airport, AMT (NPFGC):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 12/01/25</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 7,525</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 7,864,227</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 12/01/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 6,300</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 6,541,542</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 12/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,435</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,491,768</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Wayne County Airport Authority, Refunding RB, AMT (AGC):</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.75%, 12/01/25</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,422,480</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.75%, 12/01/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,093,920</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.38%, 12/01/32</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 8,700</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 9,205,905</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 34,102,661</TD> </TR> </TABLE><BR>
<P style="text-align: left;"> See Notes to Financial Statements.</P>
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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">JANUARY 31, 2012</TD></TR></TABLE></DIV>
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<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"> <FONT color=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"> <B><FONT color=#394c87>BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)</FONT></B></TD> </TR>
<TR valign="bottom">
     <TD align=left width=52%>&nbsp; </TD>
     <TD STYLE="text-align: right; font-size: 9pt"> <B><FONT color=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: center"> <B>Par</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Municipal Bonds</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>Michigan (concluded)</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Utilities &#151; 21.1%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Detroit Michigan, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Second Lien, Series B (AGM), 7.00%, 7/01/36</TD>
     <TD STYLE="text-align: right; width: 2%"> &#36;</TD>
     <TD STYLE="text-align: right; width: 13%; padding-right: 15pt"> 3,000</TD>
     <TD STYLE="text-align: left; width: 2%">&#36; </TD>
     <TD STYLE="text-align: right; width: 13%">3,630,390</TD></TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> Second Lien, Series B (NPFGC), 5.00%, 7/01/34 (a)</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,550</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,653,369</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Senior Lien, Series A (NPFGC), 5.00%, 7/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 6,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 6,038,880</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series B (NPFGC), 5.25%, 7/01/32</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 11,790</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 12,617,894</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Detroit Michigan, Refunding RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> (FGIC), 6.25%, 7/01/12 (b)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 280</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 286,236</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Second Lien, Series C (AGM), 5.00%, 7/01/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 10,570</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 10,877,270</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Grand Rapids Michigan, RB (NPFGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 1/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 11,385</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 11,771,748</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Port Huron Michigan, RB, Water Supply:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 10/01/31</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 310</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 337,423</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.63%, 10/01/40</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,084,070</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Lansing Board of Water &amp; Light Utilities, RB, Series A:</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/01/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,970</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 2,275,350</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/01/31</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,230</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 4,764,080</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/01/37</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,065</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 2,294,091</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.50%, 7/01/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 3,482,940</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 61,113,741</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Total Municipal Bonds in Michigan</B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 379,965,817</TD> </TR>
<TR>
     <TD COLSPAN="5" STYLE="border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>Guam &#151; 1.7%</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>State &#151; 1.4%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Government of Guam Business Privilege, RB, Series A,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.13%, 1/01/42</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,300</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 2,502,170</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Territory of Guam, RB, Section 30, Series A,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.63%, 12/01/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,400</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,506,736</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 4,008,906</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Utilities &#151; 0.3%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Guam Power Authority, Refunding RB, Series A (AGM),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid; text-indent: 6px"> 5.00%, 10/01/37</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-right: 15pt"> 765</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"> 828,678</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Total Municipal Bonds in Guam</B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 4,837,584</TD> </TR>
<TR>
     <TD COLSPAN="5" STYLE="border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>Puerto Rico &#151; 6.7%</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>State &#151; 5.1%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Puerto Rico Public Buildings Authority, Refunding RB,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Government Facilities, Series M-3 (NPFGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 6.00%, 7/01/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 2,245,980</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Puerto Rico Sales Tax Financing Corp., RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> First Sub-Series A, 5.50%, 8/01/42</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 500</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 548,405</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> First Sub-Series C (AGM), 5.13%, 8/01/42</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,100</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 5,517,639</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A-1, 5.25%, 8/01/43</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,070</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,168,665</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Puerto Rico Sales Tax Financing Corp., Refunding RB,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> CAB, Series A (NPFGC) (c):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.18%, 8/01/43</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 12,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 2,223,000</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 8/01/46</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 20,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 2,947,400</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 14,651,089</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Transportation &#151; 1.1%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Puerto Rico Highway &amp; Transportation Authority,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-left: 6px"> Refunding RB, Series CC (AGC), 5.50%, 7/01/31</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 2,750</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 3,282,455</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Utilities &#151; 0.5%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: #000000 1px solid"> Puerto Rico Electric Power Authority, RB, 5.50%, 7/01/38</TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 1,400</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,490,048</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Total Municipal Bonds in Puerto Rico</B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 19,423,592</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Total Municipal Bonds &#151; 139.5%</B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 404,226,993</TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Municipal Bonds Transferred to</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center"> <B>Par</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Tender Option Bond Trusts (d)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>Michigan &#151; 12.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>County/City/Special District/School District &#151; 4.2%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Lakewood Public Schools Michigan, GO, School Building</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> &amp; Site (AGM), 5.00%, 5/01/37</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&#36; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt">6,470</TD>
     <TD STYLE="text-align: left">&#36; </TD>
     <TD STYLE="text-align: right">7,173,418</TD></TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Portage Public Schools Michigan, GO, School Building</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> &amp; Site (AGM), 5.00%, 5/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 4,650</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 5,046,413</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 12,219,831</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Education &#151; 7.4%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Saginaw Valley State University, Refunding RB, General</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (AGM), 5.00%, 7/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 7,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; text-indent: 12px"> 8,172,825</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Wayne State University, Refunding RB, General (AGM),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 11/15/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 12,210</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 13,162,136</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 21,334,961</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Health &#151; 1.2%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Michigan Finance Authority, Refunding RB, Refunding</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;&nbsp;Trinity Health, 5.00%, 12/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 3,350</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 3,552,809</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Total Municipal Bonds in Michigan</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: Black 2pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 37,107,601</TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; border-top: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>Puerto Rico &#151; 0.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt; border-top: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: right; border-bottom: rgb(57,76,165) 1pt solid; border-top: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>State &#151; 0.4%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Puerto Rico Sales Tax Financing Corp., RB, Series C,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;&nbsp;5.25%, 8/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 1,060</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,177,140</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Total Municipal Bonds in Puerto Rico</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 1,177,140</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Total Municipal Bonds Transferred to</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Tender Option Bond Trusts &#151; 13.2%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 38,284,741</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Total Long-Term Investments</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>(Cost &#151; &#36;411,802,071) &#151; 152.7%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 442,511,734</TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5" STYLE="border-bottom: rgb(57,76,135) 4pt solid">&nbsp; </TD> </TR>
<TR STYLE="vertical-align: bottom">
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> <B>Short-Term Securities</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: #000000 1px solid"> <B>Shares</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> BIF Michigan Municipal Money Fund,</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 1px solid"> &nbsp;&nbsp;0.00% (e)(f)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1px solid; padding-right: 15pt"> 6,603,939</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1px solid"> 6,603,939</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Total Short-Term Securities</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>(Cost &#151; &#36;6,603,939) &#151; 2.3%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 6,603,939</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Total Investments (Cost &#151; &#36;418,406,010) &#151; 155.0%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; text-indent: 6px"> 449,115,673</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Other Assets Less Liabilities &#151; 1.3%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; text-indent: 12px"> 3,708,867</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Liability for TOB Trust Certificates, Including Interest</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> &nbsp;&nbsp;<B>Expense and Fees Payable &#151; (6.4)%</B></TD>
     <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; text-indent: 6px">(18,401,014</TD>
     <TD STYLE="text-align: left">)&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; width: 67%"> <B>VRDP Shares, at Liquidation Value &#151; (49.9)%</B></TD>
     <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 14%">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 2%">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 14%">(144,600,000</TD>
     <TD STYLE="text-align: right; width: 1%">)&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Net Assets Applicable to Common Shares &#151; 100.0%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&#36;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">289,823,526</TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD NOWRAP STYLE="vertical-align: top; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR>
     <TD NOWRAP STYLE="vertical-align: top; width: 2%"> (a)&nbsp; &nbsp; &nbsp;    </TD>
     <TD STYLE="width: 98%"> US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.      </TD> </TR>
<TR>
     <TD NOWRAP STYLE="vertical-align: top"> (b)&nbsp; &nbsp; &nbsp;    </TD>
     <TD> Security is collateralized by Municipal or US Treasury obligations.   </TD> </TR>
<TR>
     <TD NOWRAP STYLE="vertical-align: top"> (c)&nbsp; &nbsp; &nbsp;    </TD>
     <TD> Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.       </TD> </TR>
<TR>
     <TD NOWRAP STYLE="vertical-align: top"> (d)&nbsp; &nbsp; &nbsp;    </TD>
     <TD> Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.  </TD> </TR> </TABLE>
<P style="text-align: left;"> See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">JANUARY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<BR>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0 width="100%">
<TR vAlign=bottom>
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87>Schedule of Investments (concluded)</FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"><B><FONT color=#394c87>BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; margin-bottom: 6pt">
<TR>
     <TD NOWRAP STYLE="vertical-align: top; width: 2%">(e)&nbsp; &nbsp; &nbsp; </TD>
     <TD STYLE="width: 98%">Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: </TD></TR></TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%; margin-bottom: 6pt">
<TR vAlign=bottom>
     <TD STYLE="width: 20%; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD ROWSPAN="3" STYLE="width: 20%; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B>Shares Held</B><BR>
<B>at July 31,</B><BR>
<B>2011</B></TD>
     <TD STYLE="width: 20%; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD ROWSPAN="3" STYLE="width: 20%; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B>Shares Held</B><BR>
<B>at January 31,</B><BR>
<B>2012</B></TD>
     <TD STYLE="width: 20%; text-align: center; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: center">&nbsp;</TD>
     <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Net</B><BR>
<B>Activity</B></TD>
     <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; vertical-align: bottom"><B>Affiliate</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Income</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">BIF Michigan</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Municipal</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 12px; text-align: left">Money Fund</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">6,928,754</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">(324,815)</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">6,603,939</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#151;</TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(f)</TD><TD STYLE="width: 5pt"></TD><TD>Represents the current yield as of report date.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>For Fund compliance purposes, the Fund&#146;s sector classifications refer to any
one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes and/or
as defined by Fund management. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications
for reporting ease.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Financial futures contracts sold as of January 31, 2012 were as follows:</TD>
</TR></TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%; margin-bottom: 6pt">
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid"><B>Notional </B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid"><B>Unrealized</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="width: 15%; text-align: center; border-bottom: #000000 1px solid"><B>Contracts</B></TD>
     <TD STYLE="width: 14%; text-align: center; border-bottom: #000000 1px solid"><B> Issue</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 20%"><B>Exchange</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 15%"><B>Expiration</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Value </B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Depreciation</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: center">10-Year US</TD>
     <TD STYLE="text-align: center">Chicago Board</TD>
     <TD STYLE="text-align: center">March</TD>
     <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">35</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"> Treasury Note</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">of Trade</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">2012</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$4,628,750</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"> $ (61,317)</TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Fair Value Measurements &#151; Various inputs are used in determining the fair value
of investments and derivative financial instruments. These inputs are categorized into a disclosure hierarchy consisting of three
broad levels for financial statement purposes as follows:</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Level 1 &#151; unadjusted price quotations in active markets/exchanges for identical
assets and liabilities</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Level 2 &#151; other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated
inputs)</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Level 3 &#151; unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the Fund&#146;s own assumptions used in determining
the fair value of investments and derivative financial instruments)</TD>
</TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">Changes in valuation techniques may result
in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments
and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument
and does not necessarily correspond to the Fund&#146;s perceived risk of investing in those securities. For information about
the Fund&#146;s policy regarding valuation of investments and derivative financial instruments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.</P>
<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">The following tables summarize the inputs
used as of January 31, 2012 in determining the fair valuation of the Fund&#146;s investments and derivative financial instruments:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%; margin-bottom: 6pt">
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1pt solid"><B>Valuation Inputs</B></TD>
     <TD STYLE="width: 15%; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid; vertical-align: bottom"><B>Level 1</B></TD>
     <TD STYLE="width: 15%; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid; vertical-align: bottom"><B>Level 2</B></TD>
     <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1px solid; text-align: center"><B>Level 3</B></TD>
     <TD STYLE="width: 10%; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>Total</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Assets:</B></TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">Investments:</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 6px; text-align: left">Long-Term</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Investments<SUP>1</SUP></TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">$442,511,734</TD>
     <TD STYLE="text-align: center">&#151;</TD>
     <TD STYLE="text-align: right">$442,511,734</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 6px; text-align: left">Short-Term</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Securities</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; vertical-align: bottom">$6,603,939</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; vertical-align: bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">6,603,939</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Total</B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: center; vertical-align: bottom">$6,603,939</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: center; vertical-align: bottom">$442,511,734</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: center">&#151;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$449,115,673</TD></TR></TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; margin-bottom: 12pt">
<TR>
     <TD NOWRAP STYLE="vertical-align: top; width: 2%"><SUP>1</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD STYLE="width: 98%">See above Schedule of Investments for values in each sector. </TD></TR></TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%; margin-bottom: 6pt">
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1pt solid"><B>Valuation Inputs </B></TD>
     <TD STYLE="width: 15%; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid; vertical-align: bottom"><B>Level 1</B></TD>
     <TD STYLE="width: 15%; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid; vertical-align: bottom"><B>Level 2</B></TD>
     <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1px solid; text-align: center"><B>Level 3</B></TD>
     <TD STYLE="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1px solid; text-align: center"><B>Total</B></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left">Derivate Financial Instruments<SUP>2</SUP></TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Liabilities:</B></TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">Interest rate</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 12px; text-align: left">contracts</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; vertical-align: bottom">$ (61,317)</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; vertical-align: bottom">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$(61,317)</TD></TR></TABLE>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>2</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. </TD></TR></TABLE>
<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">JANUARY 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT STYLE="color: #394c87">Schedule
     of Investments <FONT STYLE="font-size: 10pt">January 31, 2012 (Unaudited)</FONT></FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"> <B><FONT color=#394c87>BlackRock MuniYield New Jersey Quality Fund, Inc. (MJI)</FONT></B></TD> </TR>
<TR valign="bottom">
     <TD align=left width=56%>&nbsp; </TD>
     <TD align=right width=43%> <B><FONT color=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: center"> <B>Par</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>(000)</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>New Jersey &#151; 117.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Corporate &#151; 5.4%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey EDA, RB, New Jersey American Water Co., Inc.</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Project, Series A, AMT (AMBAC), 5.25%, 11/01/32 </TD>
     <TD STYLE="text-align: right; width: 2%; vertical-align: bottom">&#36;</TD>
     <TD STYLE="text-align: right; width: 13%; padding-right: 15pt">1,000</TD>
     <TD STYLE="text-align: left; width: 2%"> &#36;</TD>
     <TD STYLE="text-align: right; width: 13%"> 1,020,510</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey EDA, Refunding RB, New Jersey American</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Water Co., Inc. Project:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A, AMT, 5.70%, 10/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 5,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 5,501,400</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series B, AMT, 5.60%, 11/01/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,117,380</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 7,639,290</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>County/City/Special District/School District &#151; 13.9%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Borough of Hopatcong New Jersey, GO, Refunding, Sewer</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (AMBAC), 4.50%, 8/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 750</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 794,107</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Perth Amboy New Jersey, GO, CAB (AGM),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 7/01/35 (a)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,250</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,285,962</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> County of Hudson New Jersey, COP, Refunding (NPFGC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 6.25%, 12/01/16</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,165,720</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> County of Middlesex New Jersey, COP, Refunding</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (NPFGC), 5.00%, 8/01/22</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 3,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,010,740</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> County of Union New Jersey, GO:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.00%, 3/01/29</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,060</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,159,598</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.00%, 3/01/30</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,060</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,146,337</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.00%, 3/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,200</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,284,900</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Edgewater Borough Board of Education, GO (AGM):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.25%, 3/01/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 300</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 332,871</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.25%, 3/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 300</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 330,810</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.30%, 3/01/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 300</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 330,543</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Essex County Improvement Authority, Refunding RB, AMT</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (NPFGC), 4.75%, 11/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,023,670</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Hudson County Improvement Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> CAB, Series A-1 (NPFGC), 4.53%, 12/15/32 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 347,840</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> County Secured, County Services Building Project</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> (AGM), 5.00%, 4/01/27</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 250</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 273,755</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Harrison Parking Facility Project, Series C (AGC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 1/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,106,650</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Harrison Parking Facility Project, Series C (AGC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.38%, 1/01/44</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,400</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,557,248</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Monmouth County Improvement Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Governmental Loan (AMBAC):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 12/01/17</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 5</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 5,010</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 12/01/18</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 5</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 5,009</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 12/01/19</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 5</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 5,008</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Monmouth County Improvement Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Governmental Loan (AMBAC):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.20%, 12/01/14</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 5</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 5,012</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 12/01/15</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 5</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 5,012</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey State Transit Corp., COP, Subordinate,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Federal Transit Administration Grants, Series A (AGM),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 9/15/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,067,810</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Newark Housing Authority, RB, South Ward Police Facility</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (AGC), 6.75%, 12/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 135</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 166,177</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Newark Housing Authority, Refunding RB, Newark</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Redevelopment Project (NPFGC), 4.38%, 1/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 3,600</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 3,290,904</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 19,700,693</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Education &#151; 22.7%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey Educational Facilities Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Montclair State University, Series A (AMBAC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/01/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,600</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,768,016</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Rowan University, Series C (NPFGC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/01/34 (c)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,185</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,313,833</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey Educational Facilities Authority, Refunding RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> College of New Jersey, Series D (AGM),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 3,805</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,114,461</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Montclair State University, Series J (NPFGC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.25%, 7/01/30</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 2,895</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,969,952</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> New Jersey Institute Of Technology, Series H,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,104,670</TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: center"> <B>Par</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>(000)</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>New Jersey (continued)</FONT></B></TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Education (concluded)</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Ramapo College, Series I (AMBAC), 4.25%, 7/01/31 </TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&#36;</TD>
     <TD STYLE="text-align: right; padding-right: 15pt">1,250</TD>
     <TD STYLE="text-align: left"> &#36;</TD>
     <TD STYLE="text-align: right"> 1,285,287</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Ramapo College, Series I (AMBAC), 4.25%, 7/01/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 3,890</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,946,483</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Rowan University, Series B (AGC), 5.00%, 7/01/26</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 2,575</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,895,896</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Stevens Institute of Technology, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/01/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,542,180</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> William Paterson University, Series C (AGC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.75%, 7/01/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,115</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,198,435</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> William Paterson University, Series E (Syncora),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/01/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,725</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,750,944</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Rutgers-State University of New Jersey, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series F, 5.00%, 5/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 4,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,410,680</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> University of Medicine &amp; Dentistry of New Jersey, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series A (AMBAC):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.50%, 12/01/18</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 570</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 586,211</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.50%, 12/01/19</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,145</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,177,564</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.50%, 12/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,130</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,160,239</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.50%, 12/01/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 865</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 886,694</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 32,111,545</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Health &#151; 14.0%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey Health Care Facilities Financing Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> AHS Hospital Corp., 6.00%, 7/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,100</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,291,928</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Meridian Health, Series I (AGC), 5.00%, 7/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 740</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 780,204</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Meridian Health, Series II (AGC), 5.00%, 7/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 995</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,049,058</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Meridian Health, Series V (AGC), 5.00%, 7/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 965</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,017,429</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> South Jersey Hospital, 6.00%, 7/01/12 (c)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 4,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,096,920</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Virtua Health (AGC), 5.50%, 7/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,094,740</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey Health Care Facilities Financing Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Refunding RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Atlantic City Medical Center, 5.75%, 7/01/25 (c)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 525</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 537,175</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Atlantic City Medical System, 6.25%, 7/01/17 (c)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 325</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 341,133</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Atlantic City Medical System, 5.75%, 7/01/25</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 790</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 799,535</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Barnabas Health Issue, Series A, 5.00%, 7/01/24</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,820</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,935,861</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Barnabas Health Issue, Series A, 5.63%, 7/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,200</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,260,324</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Barnabas Health, Series A, 5.63%, 7/01/32 (c)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 440</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 471,011</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Hackensack University Medical (AGM),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.63%, 1/01/30</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 2,315</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,450,937</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Meridian Health Sys Obligation, 5.00%, 7/01/25</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 300</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 343,644</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Meridian Health Sys Obligation, 5.00%, 7/01/26</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 2,130</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 2,408,817</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 19,878,716</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Housing &#151; 7.2%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey State Housing &amp; Mortgage Finance Agency, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Capital Fund Program, Series A (AGM),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.70%, 11/01/25</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 3,350</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,480,683</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> S/F Housing, Series T, AMT, 4.70%, 10/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 490</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 495,346</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A AMT (FGIC), 4.90%, 11/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 820</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 819,943</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A AMT (NPFGC), 4.85%, 11/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 400</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 393,972</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series AA, 6.50%, 10/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 810</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 876,064</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series B, 4.50%, 10/01/30</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 2,850</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,946,985</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series B (AGM), 1.10%, 5/01/12</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,150</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,151,587</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 10,164,580</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>State &#151; 35.2%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Garden State Preservation Trust, RB (AGM):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> CAB, Series B, 5.12%, 11/01/23 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 6,725</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,697,009</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Election of 2005, Series A, 5.80%, 11/01/22</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 2,605</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,041,285</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey EDA, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> CAB, Motor Vehicle Surcharge, Series R (NPFGC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.95%, 7/01/21 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 2,325</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,604,180</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Cigarette Tax, 5.63%, 6/15/19</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 430</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 430,834</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Cigarette Tax (Radian), 5.75%, 6/15/29</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 785</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 820,278</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Cigarette Tax (Radian), 5.50%, 6/15/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 225</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 233,226</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Motor Vehicle Surcharge, Series A (NPFGC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 7/01/25</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,221,550</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Motor Vehicle Surcharge, Series A (NPFGC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 7/01/29</TD>
     <TD STYLE="text-align: right; width: 2%; padding-right: 15pt"></TD>
     <TD STYLE="text-align: right; width: 13%; padding-right: 15pt">3,500</TD>
     <TD STYLE="text-align: left; width: 2%">&nbsp; </TD>
     <TD STYLE="text-align: right; width: 13%"> 3,651,095</TD> </TR> </TABLE><BR>
<P style="text-align: left;"> See Notes to Financial Statements.</P>
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<TR valign="bottom">
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"> <FONT color=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"> <B><FONT color=#394c87>BlackRock MuniYield New Jersey Quality Fund, Inc. (MJI)</FONT></B></TD> </TR>
<TR valign="bottom">
     <TD align=left width=51%>&nbsp; </TD>
     <TD align=right width=48%> <B><FONT color=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: center; padding-right: 15pt"> <B>Par</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Municipal Bonds</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt"> <B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>New Jersey (concluded)</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>State (concluded)</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Motor Vehicle Surcharge, Series A (NPFGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 7/01/33</TD>
     <TD STYLE="text-align: right; width: 2%"> &#36;</TD>
     <TD STYLE="text-align: right; width: 13%; padding-right: 15pt"> 8,500</TD>
     <TD STYLE="text-align: left; width: 2%">&#36; </TD>
     <TD STYLE="text-align: right; width: 13%">9,119,225</TD></TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> School Facilities Construction, Series Z (AGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 6.00%, 12/15/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,200</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,384,164</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> School Facilities, Series U, 5.00%, 9/01/37</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 3,196,560</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> School Facilities, Series U (AMBAC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 9/01/37</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,065,520</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey EDA, Refunding RB, School Facilities</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Construction, Series K (NPFGC), 5.25%, 12/15/17</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 750</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 857,078</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey Sports &amp; Exposition Authority, Refunding</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> RB (NPFGC):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.50%, 3/01/21</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,540</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,837,189</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.50%, 3/01/22</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,050</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,257,606</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey Transportation Trust Fund Authority, RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Transportation System:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 6/15/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 760</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 855,114</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.50%, 6/15/31</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 730</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 863,700</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> CAB, Series C (AGM), 4.85%, 12/15/32 (b)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,750</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,756,313</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> CAB, Series C (AMBAC), 5.05%, 12/15/35 (b)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,760</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 819,472</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A, 6.00%, 6/15/35</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 2,423,200</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A (AGC), 5.63%, 12/15/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 780</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 900,510</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A (AGM), 5.25%, 12/15/20</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,250</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 5,260,522</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A (AGM), 5.50%, 12/15/22</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 150</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 190,685</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> State of New Jersey, COP, Equipment Lease Purchase,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series A, 5.25%, 6/15/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 500</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 563,530</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> State of New Jersey, GO, Refunding, Series D (FGIC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 6.00%, 2/15/13</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,725</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,827,085</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 49,876,930</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Tobacco &#151; 1.3%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Tobacco Settlement Financing Corp. New Jersey, RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-indent: 6px"> 7.00%, 6/01/41 (c)</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 1,715</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,869,161</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Transportation &#151; 9.6%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Delaware River Port Authority, RB, Series D (AGM):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.05%, 1/01/35</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,430</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,545,086</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 1/01/40</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,620,960</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> New Jersey State Turnpike Authority, RB, Growth &amp; Income</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Securities, Series B (AMBAC), 5.15%, 1/01/15 (a)</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,005</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 2,706,093</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey State Turnpike Authority, Refunding RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series A (AGM), 5.25%, 1/01/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 2,550,500</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Port Authority of New York &amp; New Jersey, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Consolidated, 93rd Series, 6.13%, 6/01/94</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,249,630</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> JFK International Air Terminal, 6.00%, 12/01/42</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,618,155</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Port Authority of New York &amp; New Jersey, Refunding RB,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Consolidated 152nd Series, AMT, 5.75%, 11/01/30</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 2,359,120</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 13,649,544</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Utilities &#151; 8.2%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Essex County Utilities Authority, Refunding RB (AGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 4.13%, 4/01/22</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,073,900</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Jersey City Municipal Utilities Authority, Refunding RB</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (AMBAC), 6.25%, 1/01/14</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,935</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 2,038,445</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey EDA, Refunding RB, United Water of</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> New Jersey Inc., Series B (AMBAC), 4.50%, 11/01/25</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,089,950</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> North Hudson Sewerage Authority, Refunding RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series A (NPFGC), 5.13%, 8/01/20</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,710</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,983,087</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Rahway Valley Sewerage Authority, RB, CAB, Series A</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (NPFGC) (b):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.74%, 9/01/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,100</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 2,166,563</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.42%, 9/01/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,350</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 809,552</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Union County Utilities Authority, Refunding RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Deficiency Agreement, 5.00%, 6/15/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,155</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 2,420,453</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 11,581,950</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Total Municipal Bonds in New Jersey</B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 166,472,409</TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: center"> <B>Par</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Municipal Bonds</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>Guam &#151; 1.8%</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>State &#151; 1.2%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Government of Guam Business Privilege, RB, Series A,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-indent: 6px"> 5.13%, 1/01/42</TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; width: 2%"> &#36;</TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; width: 13%; padding-right: 15pt"> 1,600</TD>
     <TD STYLE="text-align: left; width: 2%; border-bottom: #000000 1px solid">&#36; </TD>
     <TD STYLE="text-align: right; width: 13%; border-bottom: #000000 1px solid">1,740,640</TD></TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Utilities &#151; 0.6%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Guam Power Authority, Refunding RB, Series A (AGM),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-indent: 6px"> 5.00%, 10/01/37</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 735</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 796,181</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Total Municipal Bonds in Guam</B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 2,536,821</TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; border-top: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>Puerto Rico &#151; 13.4%</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; border-top: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt; border-top: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; border-top: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Health &#151; 3.0%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Puerto Rico Industrial Tourist Educational Medical</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> &amp; Environmental Control Facilities Financing Authority,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> RB, Hospital De La Concepcion, Series A,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-indent: 6px"> 6.13%, 11/15/30</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 4,220</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 4,229,537</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>State &#151; 6.6%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Commonwealth of Puerto Rico, GO, Refunding, Public</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Improvement, Series C, 6.00%, 7/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,650,405</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Puerto Rico Commonwealth Infrastructure Financing</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Authority, RB, CAB, Series A (b):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> (AMBAC), 4.38%, 7/01/37</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,250</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 460,260</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> (FGIC), 4.49%, 7/01/30</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,750</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 971,932</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Puerto Rico Public Buildings Authority, Refunding RB,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Government Facilities, Series M-3 (NPFGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 6.00%, 7/01/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 850</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 954,542</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Puerto Rico Sales Tax Financing Corp., RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> First Sub-Series A, 5.50%, 8/01/42</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 700</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 767,767</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> First Sub-Series A, 6.00%, 8/01/42</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,131,260</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> First Sub-Series C (AGM), 5.13%, 8/01/42</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,380</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 2,574,898</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A-1, 5.25%, 8/01/43</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 800</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 873,768</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 9,384,832</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Transportation &#151; 1.0%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Puerto Rico Highway &amp; Transportation Authority,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-indent: 6px"> Refunding RB, Series CC (AGC), 5.50%, 7/01/31</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 1,185</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,414,440</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Utilities &#151; 2.8%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Puerto Rico Aqueduct &amp; Sewer Authority, RB, Senior Lien,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series A (AGC), 5.13%, 7/01/47</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,750</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,841,175</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Puerto Rico Electric Power Authority, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series RR (CIFG), 5.00%, 7/01/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,035,160</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series XX, 5.75%, 7/01/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,102,190</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 3,978,525</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Total Municipal Bonds in Puerto Rico</B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 19,007,334</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Total Municipal Bonds &#151; 132.7%</B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 188,016,564</TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5" STYLE="border-bottom: rgb(57,76,135) 4pt solid">&nbsp; </TD> </TR>
<TR STYLE="vertical-align: bottom">
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Municipal Bonds Transferred to</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> <B>Tender Option Bond Trusts (d)</B></TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; border-top: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>New Jersey &#151; 16.5%</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; border-top: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt; border-top: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; border-top: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Housing &#151; 1.6%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> New Jersey State Housing &amp; Mortgage Finance</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Agency, RB, Capital Fund Program, Series A (AGM),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-indent: 6px"> 5.00%, 5/01/27</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 1,980</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 2,228,827</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>State &#151; 3.1%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Garden State Preservation Trust, RB, Election of 2005,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-indent: 6px"> Series A (AGM), 5.75%, 11/01/28</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 3,300</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 4,405,269</TD> </TR> </TABLE><BR>
<P style="text-align: left;"> See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 28 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<BR>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0 width="100%">
<TR vAlign=bottom>
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87>Schedule of Investments (concluded)</FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"><B><FONT color=#394c87>BlackRock MuniYield New Jersey Quality Fund, Inc. (MJI)</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD width="51%" align=left>&nbsp;</TD>
     <TD width="48%" align=right><B><FONT color=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center; padding-right: 15pt"><B>Par</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: left"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center; padding-right: 15pt"><B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left"><B><FONT color=#394c87>New Jersey (concluded)</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</TD></TR>
<TR>
     <TD COLSPAN="5">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Transportation &#151; 8.0%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">Port Authority of New York &amp; New Jersey, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 6px; text-align: left">Consolidated, 163rd Series, 5.00%, 7/15/39</TD>
     <TD STYLE="text-align: left">$ </TD>
     <TD STYLE="text-align: right; padding-right: 15pt">4,089</TD>
     <TD STYLE="text-align: left">$ </TD>
     <TD STYLE="text-align: right">4,588,198</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">Port Authority of New York &amp; New Jersey, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 6px; text-align: left">Consolidated, AMT:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Consolidated, 152nd Series, 5.25%, 11/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt">1,829</TD>
     <TD COLSPAN="2" STYLE="text-align: right">1,988,377</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Consolidated, 160th Series, 5.00%, 10/15/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; padding-right: 15pt">4,500</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,810,905</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">11,387,480</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Utilities &#151; 3.8%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="3" STYLE="text-align: left">Union County Utilities Authority, Refunding RB, Refunding</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left">Covanta Union Series A, AMT, 5.25%, 12/01/31</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 15pt">4,930</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">5,388,934</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B>Total Municipal Bonds in New Jersey</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: right">23,410,510</TD></TR>
<TR>
     <TD COLSPAN="5">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left; border-top: rgb(57,76,165) 1pt solid"><B><FONT color=#394c87>Puerto Rico &#151; 0.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; background-color: #e9ebfb; text-align: left; padding-right: 15pt; border-top: Black 1pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; background-color: #e9ebfb; text-align: left; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR>
     <TD COLSPAN="5">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>State &#151; 0.4%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">Puerto Rico Sales Tax Financing Corp., RB, Series C,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left">5.25%, 8/01/40</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 15pt">520</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">577,465</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B>Total Municipal Bonds in Puerto Rico</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: right">577,465</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Total Municipal Bonds Transferred to</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B>Tender Option Bond Trusts &#151; 16.9%</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: right">23,987,975</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Total Long-Term Investments</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B>(Cost &#151; $197,156,127) &#151; 149.6%</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: right">212,004,539</TD></TR>
<TR>
     <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
     <TD COLSPAN="5" STYLE="border-bottom: rgb(57,76,135) 4pt solid">&nbsp;</TD></TR>
<TR>
     <TD COLSPAN="5">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><B>Short-Term Securities</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Shares</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR>
     <TD COLSPAN="5">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">BIF New Jersey Municipal Money Fund,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left">0.00% (e)(f)</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 15pt">4,514,258</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,514,258</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Total Short-Term Securities</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B>(Cost &#151; $4,514,258) &#151; 3.2%</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: right">4,514,258</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Total Investments (Cost &#151; $201,670,385) &#151; 152.8%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right">216,518,797</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Other Assets Less Liabilities &#151; 0.9%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right">1,256,727</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Liability for TOB Trust Certificates, Including Interest</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left"><B>Expense and Fees Payable &#151; (8.2)%</B></TD>
     <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD STYLE="text-align: right">(11,705,871</TD>
     <TD STYLE="text-align: left">)</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; width: 67%"><B>VRDP Shares, at Liquidation Value &#151; (45.5)%</B></TD>
     <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-right: 15pt; width: 14%">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 2%">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 14%">(64,400,000</TD>
     <TD STYLE="text-align: left; width: 1%">)</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Net Assets Applicable to Common Shares &#151; 100.0%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; padding-right: 15pt">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">141,669,653</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; margin-bottom: 6pt">
<TR>
     <TD NOWRAP STYLE="vertical-align: top; width: 2%; border-top: Black 1pt solid">(a)&nbsp; &nbsp; &nbsp; </TD>
     <TD STYLE="width: 98%; border-top: Black 1pt solid">Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date. </TD></TR>
<TR>
     <TD NOWRAP STYLE="vertical-align: top">(b)&nbsp; &nbsp; &nbsp; </TD>
     <TD>Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. </TD></TR>
<TR>
     <TD NOWRAP STYLE="vertical-align: top">(c)&nbsp; &nbsp; &nbsp; </TD>
     <TD>US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. </TD></TR>
<TR>
     <TD NOWRAP STYLE="vertical-align: top">(d)&nbsp; &nbsp; &nbsp; </TD>
     <TD>Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. </TD></TR>
<TR>
     <TD NOWRAP STYLE="vertical-align: top">(e)&nbsp; &nbsp; &nbsp; </TD>
     <TD>Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: </TD></TR></TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%; margin-bottom: 6pt">
<TR vAlign=bottom>
     <TD STYLE="width: 20%; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD ROWSPAN="3" STYLE="border-bottom: #000000 1px solid; text-align: center; width: 20%; border-top: Black 1pt solid"><B>Shares Held</B><BR>
<B>at July 31,</B><BR>
<B>2011</B></TD>
     <TD STYLE="width: 20%; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD ROWSPAN="3" STYLE="border-bottom: #000000 1px solid; text-align: center; width: 20%; border-top: Black 1pt solid"><B>Shares Held</B><BR>
<B>at January 31,</B><BR>
<B>2012</B></TD>
     <TD STYLE="width: 20%; text-align: center; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: center">&nbsp;</TD>
     <TD ROWSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Net</B><BR>
<B>Activity</B></TD>
     <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; vertical-align: bottom"><B>Affiliate</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Income</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">BIF New Jersey</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Municipal</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 12px; text-align: left">Money Fund</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">6,306,835</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">(1,792,577)</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">4,514,258</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$16</TD></TR></TABLE>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD vAlign=top width="2%" nowrap>(f)&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Represents the current yield as of report date. </TD></TR>                                                                               <TR>
     <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
     <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>For Fund compliance purposes, the Fund&#146;s sector classifications refer to any
one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes and/or
as defined by Fund management. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications
for reporting ease.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Financial futures contracts sold as of January 31, 2012 were as follows:</TD>
</TR></TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%; margin-bottom: 6pt">
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; border-top: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
     <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid"><B>Notional </B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid"><B>Unrealized</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; vertical-align: bottom"><B>Contracts</B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1px solid; text-align: center; padding-right: 6pt; padding-left: 6pt"><B>Issue</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Exchange</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Expiration</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Value </B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Depreciation</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 </TD>
    <TD NOWRAP STYLE="padding-right: 6pt; padding-left: 6pt">10-Year US&nbsp;</TD>
     <TD STYLE="text-align: center">Chicago Board</TD>
     <TD STYLE="text-align: center">March</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 19%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1px solid; text-align: center; width: 9%; padding-right: 6pt; padding-left: 6pt">Treasury Note&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 18%">of Trade</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 18%">2012</TD>
     <TD STYLE="width: 18%; text-align: center; border-bottom: #000000 1px solid">$1,983,750</TD>
     <TD STYLE="width: 18%; text-align: center; border-bottom: #000000 1px solid"> $ (26,279)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Fair Value Measurements &#151; Various inputs are used in determining the fair value
of investments and derivative financial instruments. These inputs are categorized into a disclosure hierarchy consisting of three
broad levels for financial statement purposes as follows:</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Level 1 &#151; unadjusted price quotations in active markets/exchanges for identical
assets and liabilities</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Level 2 &#151; other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated
inputs)</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Level 3 &#151; unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the Fund&#146;s own assumptions used in determining
the fair value of investments and derivative financial instruments)</TD>
</TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">Changes in valuation techniques may result in
transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments
and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument
and does not necessarily correspond to the Fund&#146;s perceived risk of investing in those securities. For information about
the Fund&#146;s policy regarding valuation of investments and derivative financial instruments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.</P>
<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">The following tables summarize the inputs used
as of January 31, 2012 in determining the fair valuation of the Fund&#146;s investments and derivative financial instruments:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1pt solid"><B>Valuation Inputs</B></TD>
     <TD STYLE="width: 15%; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid; vertical-align: bottom"><B>Level 1</B></TD>
     <TD STYLE="width: 15%; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid; vertical-align: bottom"><B>Level 2</B></TD>
     <TD STYLE="width: 15%; text-align: left; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>Level 3</B></TD>
     <TD STYLE="width: 10%; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>Total</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Assets:</B></TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">Investments:</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 6px; text-align: left">Long-Term</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Investments<SUP>1</SUP></TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">$212,004,539</TD>
     <TD STYLE="text-align: left; text-align: center">&#151;</TD>
     <TD STYLE="text-align: right">$212,004,539</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 6px; text-align: left">Short-Term</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Securities</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; vertical-align: bottom">$4,514,258</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; vertical-align: bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">4,514,258</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Total</B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: center; vertical-align: bottom">$4,514,258</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: center; vertical-align: bottom">$212,004,539</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left; text-align: center">&#151;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$216,518,797</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; margin-bottom: 12pt">
<TR>
     <TD NOWRAP STYLE="vertical-align: top; width: 2%"><SUP>1</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD STYLE="width: 98%">See above Schedule of Investments for values in each sector. </TD></TR></TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1pt solid"><B>Valuation Inputs </B></TD>
     <TD STYLE="width: 15%; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid; vertical-align: bottom"><B>Level 1</B></TD>
     <TD STYLE="width: 15%; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>Level 2</B></TD>
     <TD STYLE="width: 15%; text-align: left; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>Level 3</B></TD>
     <TD STYLE="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1px solid; text-align: center"><B>Total</B></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left">Derivate Financial Instruments<SUP>2</SUP></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Liabilities:</B></TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">Interest rate</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 12px; text-align: left">contracts</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; vertical-align: bottom">$ (26,279)</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: right">$(26,279)</TD></TR></TABLE><BR>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>2</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. </TD></TR></TABLE>
<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">JANUARY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT STYLE="color: #394c87">Schedule
     of Investments <FONT STYLE="font-size: 10pt">January 31, 2012 (Unaudited)</FONT></FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"> <B><FONT color=#394c87>BlackRock MuniYield Pennsylvania Quality Fund (MPA)</FONT></B></TD> </TR>
<TR valign="bottom">
     <TD align=left width=57%>&nbsp; </TD>
     <TD align=right width=42%> <B><FONT color=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; width: 2%">&nbsp; </TD>
     <TD STYLE="text-align: center; width: 13%; padding-right: 15pt"> <B>Par</B></TD>
     <TD STYLE="text-align: left; width: 2%">&nbsp; </TD>
     <TD STYLE="text-align: left; width: 13%">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Municipal Bonds</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt"> <B>(000)</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>Pennsylvania &#151; 103.4%</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD colspan=5>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Corporate &#151; 5.2%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Beaver County IDA, Refunding RB, FirstEnergy,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Mandatory Put Bonds, 3.38%, 1/01/35 (a)</TD>
     <TD STYLE="text-align: right"> &#36;</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,200</TD>
     <TD STYLE="text-align: left"> &#36;</TD>
     <TD STYLE="text-align: right"> 1,219,956</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Delaware County IDA Pennsylvania, Refunding RB, Water</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Facilities, Aqua Pennsylvania Inc. Project, Series B,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> AMT (NPFGC), 5.00%, 11/01/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,520</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,605,025</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Northumberland County IDA, Refunding RB, Aqua</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Pennsylvania Inc. Project, AMT (NPFGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.05%, 10/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,606,695</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Pennsylvania Economic Development Financing</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Authority, RB, Series A, Waste Management, Inc.</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Project, AMT, 5.10%, 10/01/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,200</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,233,384</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 9,665,060</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> <B>County/City/Special District/School District &#151; 30.1%</B></TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Chambersburg Area School District, GO (NPFGC):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 3/01/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,115</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,364,189</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 3/01/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,755,575</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Philadelphia Pennsylvania, GO, Refunding,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series A (AGM), 5.25%, 12/15/32</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 7,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 7,675,010</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Pittsburgh PA, GO, Series B:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 9/01/25 (b)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,600</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,826,368</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 9/01/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 970</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,096,546</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Connellsville Area School District, GO, Series B (AGM),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 11/15/37</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,021,550</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> County of York Pennsylvania, GO, 5.00%, 3/01/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 400</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 443,204</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Delaware Valley Regional Financial Authority, RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series A (AMBAC), 5.50%, 8/01/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,154,920</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> East Stroudsburg Area School District, GO, Series A</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (NPFGC), 7.75%, 9/01/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,554,380</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Erie County Conventional Center Authority, RB (NPFGC),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 1/15/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 8,850</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 9,159,130</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Falls Township Pennsylvania, RB, Water &amp; Sewer</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Authority, 5.00%, 12/01/37</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,070</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,191,199</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Marple Newtown School District, GO (AGM),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 6/01/31</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,082,855</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Northeastern School District York County, GO, Series B</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (NPFGC), 5.00%, 4/01/32</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,585</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,712,751</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Philadelphia Redevelopment Authority, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Neighborhood Transformation, Series A (NPFGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.50%, 4/15/22</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,750</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,762,863</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> Quality Redevelopment Neighborhood, Series B AMT</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> (FGIC), 5.00%, 4/15/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,645</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,793,176</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Philadelphia School District, GO:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series B (FGIC), 5.63%, 8/01/12 (c)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,250</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,365,430</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series E, 6.00%, 9/01/38</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,300</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,764,574</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Philadelphia School District, GO, Refunding, Series A</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (BHAC), 5.00%, 6/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,127,550</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Philipsburg Osceola Area School District Pennsylvania,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> GO (AGM), 5.00%, 4/01/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 755</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 793,701</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Shaler Area School District Pennsylvania, GO, CAB</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (Syncora), 4.82%, 9/01/30 (d)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 6,145</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 2,874,754</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 56,519,725</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Education &#151; 8.5%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Adams County IDA, Refunding RB, Gettysburg College,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 8/15/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 100</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 113,956</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Pennsylvania Higher Educational Facilities Authority,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> RB (NPFGC):</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Drexel University, Series A, 5.00%, 5/01/37</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,596,090</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series AE, 4.75%, 6/15/32</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 8,845</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 9,303,967</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Pennsylvania Higher Educational Facilities Authority,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Refunding RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Drexel University Series A, 5.25%, 5/01/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,750</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,035,808</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> State System Higher Education, Series Al,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 6/15/35</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,780</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,983,187</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 16,033,008</TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; width: 2%">&nbsp; </TD>
     <TD STYLE="text-align: center; width: 13%; padding-right: 15pt"> <B>Par</B></TD>
     <TD STYLE="text-align: left; width: 2%">&nbsp; </TD>
     <TD STYLE="text-align: left; width: 13%">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Municipal Bonds</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt"> <B>(000)</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>Pennsylvania (continued)</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD colspan=5>&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Health &#151; 11.1%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Allegheny County Hospital Development Authority, RB,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Health Center, UPMC Health, Series B (NPFGC),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 6.00%, 7/01/26</TD>
     <TD STYLE="text-align: right"> &#36;</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD STYLE="text-align: left"> &#36;</TD>
     <TD STYLE="text-align: right"> 2,634,440</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Centre County Hospital Authority, RB, Mount Nittany</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Medical Center Project, 7.00%, 11/15/46</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,020</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,356,451</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> County of Lehigh Pennsylvania, RB, Lehigh Valley Health</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Network, Series A (AGM), 5.00%, 7/01/33</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 7,995</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 8,471,102</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Cumberland County Municipal Authority, RB, Diakon</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Lutheran, 6.38%, 1/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 537,645</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Montgomery County Higher Education &amp; Health Authority,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Refunding RB, Abington Memorial Hospital, Series A,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.13%, 6/01/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 490</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 511,408</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Montgomery County IDA Pennsylvania, RB, Acts</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Retirement Life Community:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.50%, 11/15/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 295</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 262,627</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A-1, 6.25%, 11/15/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 235</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 263,174</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Philadelphia Hospitals &amp; Higher Education Facilities</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Authority, Refunding RB, Presbyterian Medical Center,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 6.65%, 12/01/19 (e)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,707,370</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> South Fork Municipal Authority, Refunding RB, Conemaugh</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Valley Memorial, Series B (AGC), 5.38%, 7/01/35</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,000</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 2,175,440</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 20,919,657</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Housing &#151; 5.3%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Pennsylvania HFA, RB, Series 95-A, AMT,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 4.90%, 10/01/37</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,007,940</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Pennsylvania HFA, Refunding RB, AMT:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.85%, 10/01/37</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,125</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 4,241,573</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> S/F Mortgage, Series 92-A, 4.75%, 4/01/31</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 695</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 700,643</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series 99-A, 5.15%, 4/01/38</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 800</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 869,064</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Philadelphia Housing Authority Capital Fund Program,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> RB, Series A (AGM), 5.50%, 12/01/18</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,000</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 3,109,710</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 9,928,930</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>State &#151; 12.3%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Commonwealth of Pennsylvania, GO:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 11/15/30</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 6,355</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 7,635,024</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> First Series, 5.00%, 11/15/19</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,000</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,774,360</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Pennsylvania Turnpike Commission, RB, Series C of 2003</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Pennsylvania Turnpike (NPFGC), 5.00%, 12/01/32</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,600</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 3,927,780</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> State Public School Building Authority, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> (AGM) CAB, Corry Area School District,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.85%, 12/15/22 (d)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,640</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,154,363</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> (AGM) CAB, Corry Area School District,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.87%, 12/15/23 (d)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,980</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,327,352</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> (AGM) CAB, Corry Area School District,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.89%, 12/15/24 (d)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,980</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,268,685</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> (AGM) CAB, Corry Area School District,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 4.92%, 12/15/25 (d)</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,770</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,086,515</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 12px"> School District Philadelphia Project, Series B (AGM),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 6/01/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,643,100</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> State Public School Building Authority, Refunding RB,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Harrisburg School District Project, Series A (AGC),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 11/15/33</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,200</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 1,296,420</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> 23,113,599</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Transportation &#151; 12.8%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> City of Philadelphia Pennsylvania, RB, Series A,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 6/15/40</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,500</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 2,621,825</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Delaware River Port Authority, RB, Series D (AGC),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 1/01/40</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,560</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 1,685,798</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Pennsylvania Economic Development Financing Authority,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> RB, Amtrak Project, Series A, AMT, 6.38%, 11/01/41</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 150</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right"> 150,927</TD> </TR> </TABLE><BR>
<P style="text-align: left;"> See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 30 -->
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<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"> <FONT color=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"> <B><FONT color=#394c87>BlackRock MuniYield Pennsylvania Quality Fund (MPA)</FONT></B></TD> </TR>
<TR valign="bottom">
     <TD align=left width=52%>&nbsp; </TD>
     <TD align=right width=47%> <B><FONT color=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: center; padding-right: 15pt"> <B>Par</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Municipal Bonds</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt"> <B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>Pennsylvania (concluded)</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Transportation (concluded)</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Pennsylvania Turnpike Commission, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 12/01/41</TD>
     <TD STYLE="text-align: right; width: 2%"> &#36;</TD>
     <TD STYLE="text-align: right; width: 13%; padding-right: 15pt"> 1,750</TD>
     <TD STYLE="text-align: left; width: 2%">&#36; </TD>
     <TD STYLE="text-align: right; width: 13%">1,906,975</TD></TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A (AMBAC), 5.50%, 12/01/31</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 7,800</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 8,525,556</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A (AMBAC), 5.25%, 12/01/32</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 350</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 372,792</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Sub-Series A, 6.00%, 12/01/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 700</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 780,913</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Sub-Series B (AGM), 5.25%, 6/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 3,796,310</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Southeastern Pennsylvania Transportation Authority, RB,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Capital Grant Receipts:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 6/01/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,570</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,795,028</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 6/01/29</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,080</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 2,360,176</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 23,996,300</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Utilities &#151; 18.1%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Allegheny County Sanitation Authority, Refunding RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series A (NPFGC), 5.00%, 12/01/30</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 5,500,000</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Philadelphia Pennsylvania, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 1998 General Ordinance, 4th Series (AGM),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.00%, 8/01/32</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,300</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 3,347,091</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Ninth Series, 5.25%, 8/01/40</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,430</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,490,704</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series A, 5.25%, 1/01/36</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 700</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 758,989</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Series C (AMBAC), 5.00%, 8/01/40</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 3,279,930</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Delaware County IDA Pennsylvania, RB, Pennsylvania</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Suburban Water Co. Project, Series A, AMT (AMBAC),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.15%, 9/01/32</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 5,607,195</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Lycoming County Water &amp; Sewer Authority, RB (AGM),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 11/15/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 400</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 425,420</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Northampton Boro Municipal Authority, RB (NPFGC),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 5/15/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 935</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 963,256</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Pennsylvania Economic Development Financing</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Authority, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> American Water Co. Project, 6.20%, 4/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,300</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,509,976</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> Philadelphia Biosolids Facility, 6.25%, 1/01/32</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 900</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 989,415</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Pennsylvania IDA, Refunding RB, Economic Development</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> (AMBAC), 5.50%, 7/01/20</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 7,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 7,181,860</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Reading Area Water Authority Pennsylvania, RB (AGM),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 12/01/27</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,680</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 2,947,946</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 34,001,782</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Total Municipal Bonds in Pennsylvania</B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 194,178,061</TD> </TR>
<TR>
     <TD COLSPAN="5" STYLE="border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>Guam &#151; 2.3%</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>State &#151; 0.5%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Territory of Guam, RB, Section 30, Series A,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-left: 6px"> 5.63%, 12/01/29</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 805</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 866,374</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Transportation &#151; 1.3%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Guam International Airport Authority, Refunding RB,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: #000000 1px solid; padding-left: 6px"> General, Series C, AMT (NPFGC), 5.00%, 10/01/23</TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 2,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 2,541,000</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Utilities &#151; 0.5%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Guam Power Authority, Refunding RB, Series A (AGM),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-left: 6px"> 5.00%, 10/01/37</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 850</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 920,754</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Total Municipal Bonds in Guam</B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 4,328,128</TD> </TR>
<TR>
     <TD COLSPAN="5" STYLE="border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>Puerto Rico &#151; 3.7%</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>State &#151; 3.7%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Commonwealth of Puerto Rico, GO, Refunding, Public</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Improvement, Series A-4 (AGM), 5.25%, 7/01/30</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 1,270</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 1,389,672</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Puerto Rico Sales Tax Financing Corp., RB, Series C,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-left: 6px"> 5.25%, 8/01/40</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 5,552,550</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Total Municipal Bonds in Puerto Rico</B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 6,942,222</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Total Municipal Bonds &#151; 109.4%</B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 205,448,411</TD> </TR> </TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Municipal Bonds Transferred to</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: center; padding-right: 15pt"> <B>Par</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B>Tender Option Bond Trusts (f)</B></TD>
     <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt"> <B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid"> <B>Value</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid"> <B><FONT color=#394c87>Pennsylvania &#151; 40.7%</FONT></B></TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD>
     <TD STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> <B>County/City/Special District/School District &#151; 4.2%</B></TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> East Stroudsburg Area School District, GO, Refunding</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-left: 6px"> (AGM), 5.00%, 9/01/25</TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid"> &#36;</TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 7,000</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&#36; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid">7,851,060</TD></TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Education &#151; 4.0%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Pennsylvania Higher Educational Facilities Authority,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> RB, University of Pennsylvania Health System,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.75%, 8/15/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,270</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 4,872,241</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> University of Pittsburgh Pennsylvania, RB, Capital Project,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Series B, 5.00%, 9/15/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,202</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 2,614,575</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 7,486,816</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Health &#151; 9.6%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Geisinger Authority, RB:</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.13%, 6/01/34</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 2,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 2,716,825</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.25%, 6/01/39</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 3,128</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 3,397,602</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 12px"> 5.13%, 6/01/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 6,270</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 6,834,990</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Philadelphia Hospitals &amp; Higher Education Facilities</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> Authority, 5.00%, 7/01/41</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 4,680</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 5,040,266</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 17,989,683</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Housing &#151; 1.5%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: #000000 1px solid"> Pennsylvania HFA, Refunding RB, AMT, 4.70%, 10/01/37</TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 2,950</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 2,960,856</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>State &#151; 17.3%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> Commonwealth of Pennsylvania, GO, First Series,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 3/15/28</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 5,203</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 6,177,794</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> Pennsylvania Turnpike Commission, RB, Series C of 2003</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> Pennsylvania Turnpike (NPFGC), 5.00%, 12/01/32</TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 10,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 10,910,500</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> State Public School Building Authority, Refunding RB,</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 6px"> School District of Philadelphia Project, Series B (AGM),</TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> 5.00%, 6/01/26</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right; padding-right: 15pt"> 14,026</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 15,364,281</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 32,452,575</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Transportation &#151; 4.1%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> City of Philadelphia Pennsylvania, RB, AMT (AGM),</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-left: 6px"> 5.00%, 6/15/37</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 7,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 7,705,650</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Total Municipal Bonds Transferred to</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>Tender Option Bond Trusts &#151; 40.7%</B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 76,446,640</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Total Long-Term Investments</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>(Cost &#151; &#36;262,841,810) &#151; 150.1%</B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 281,895,051</TD> </TR>
<TR>
     <TD COLSPAN="5">&nbsp; </TD> </TR>
<TR>
     <TD COLSPAN="5" STYLE="border-bottom: rgb(57,76,135) 4pt solid">&nbsp; </TD> </TR>
<TR STYLE="vertical-align: bottom">
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: center; padding-right: 15pt">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> <B>Short-Term Securities</B></TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid; padding-right: 15pt"> <B>Shares</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> BIF Pennsylvania Municipal Money Fund,</TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-left: 6px"> 0.00% (g)(h)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid; padding-right: 15pt"> 9,011,996</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: #000000 1px solid"> 9,011,996</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>Total Short-Term Securities</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"> <B>(Cost &#151; &#36;9,011,996) &#151; 4.8%</B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp; </TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2pt solid"> 9,011,996</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> <B>Total Investments (Cost &#151; &#36;271,853,806) &#151; 154.9%</B></TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: right"> 290,907,047</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; width: 67%"> <B>Liabilities in Excess of Other Assets &#151; (0.4)%</B></TD>
     <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-right: 15pt; width: 14%">&nbsp; </TD>
     <TD STYLE="text-align: left; width: 2%">&nbsp; </TD>
     <TD STYLE="text-align: right; width: 14%">(695,676</TD>
     <TD STYLE="text-align: left; width: 1%">)&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> <B>Liability for TOB Trust Certificates, Including Interest</B></TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD COLSPAN="2" STYLE="text-align: left">&nbsp; </TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; text-indent: 6px"> <B>Expense and Fees Payable &#151; (19.2)%</B></TD>
     <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="text-align: right">(36,113,828</TD>
     <TD STYLE="text-align: left">)&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <B>VRDP Shares, at Liquidation Value &#151; (35.3)%</B></TD>
     <TD STYLE="text-align: left">&nbsp; </TD>
     <TD STYLE="padding-right: 15pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp; </TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(66,300,000</TD>
     <TD STYLE="text-align: left">)&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD COLSPAN="2" STYLE="text-align: left"> <B>Net Assets Applicable to Common Shares &#151; 100.0%</B></TD>
     <TD STYLE="text-align: left; padding-right: 15pt">&nbsp; </TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&#36;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">187,797,543</TD> </TR> </TABLE><BR>
<P style="text-align: left;"> See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">JANUARY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<BR>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0 width="100%">
<TR vAlign=bottom>
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87>Schedule of Investments (concluded)</FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"><B><FONT color=#394c87>BlackRock MuniYield Pennsylvania Quality Fund (MPA)</FONT></B></TD></TR></TABLE><BR>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD vAlign=top width="2%" nowrap>(a)&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Variable rate security. Rate shown is as of report date. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap>(b)&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">When-issued security. Unsettled when-issued transactions were as follows: </TD></TR></TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="width: 20%; text-align: left; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="width: 20%; text-align: center; border-top: Black 1pt solid"><B>Unrealized</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><B>Counterparty</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center"><B>Value</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Appreciation</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">First Clearing, LLC</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">$1,826,368</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$ 9,344</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; margin-bottom: 6pt">
<TR>
     <TD NOWRAP STYLE="vertical-align: top; width: 2%">(c)&nbsp; &nbsp; &nbsp; </TD>
     <TD STYLE="width: 98%">US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. </TD></TR>
<TR>
     <TD NOWRAP STYLE="vertical-align: top">(d)&nbsp; &nbsp; &nbsp; </TD>
     <TD>Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. </TD></TR>
<TR>
     <TD NOWRAP STYLE="vertical-align: top">(e)&nbsp; &nbsp; &nbsp; </TD>
     <TD>Security is collateralized by Municipal or US Treasury obligations. </TD></TR>
<TR>
     <TD NOWRAP STYLE="vertical-align: top">(f)&nbsp; &nbsp; &nbsp; </TD>
     <TD>Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. </TD></TR>
<TR>
     <TD NOWRAP STYLE="vertical-align: top">(g)&nbsp; &nbsp; &nbsp; </TD>
     <TD>Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: </TD></TR></TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="width: 20%; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD ROWSPAN="3" STYLE="border-bottom: #000000 1px solid; text-align: center; width: 20%; border-top: Black 1pt solid"><B>Shares Held</B><BR>
<B>at July 31,</B><BR>
<B>2011</B></TD>
     <TD STYLE="width: 20%; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD ROWSPAN="3" STYLE="border-bottom: #000000 1px solid; text-align: center; width: 20%; border-top: Black 1pt solid"><B>Shares Held</B><BR>
<B>at January 31,</B><BR>
<B>2012</B></TD>
     <TD STYLE="width: 20%; text-align: center; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: center">&nbsp;</TD>
     <TD ROWSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Net</B><BR>
<B>Activity</B></TD>
     <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; vertical-align: bottom"><B>Affiliate</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Income</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">BIF Pennsylvania</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Municipal</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 12px; text-align: left">Money Fund</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">8,744,788</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">267,208</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">9,011,996</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#151;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(h)</TD><TD STYLE="width: 5pt"></TD><TD>Represents the current yield as of report date.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>For Fund compliance purposes, the Fund&#146;s sector classifications refer to any
one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes and/or
as defined by Fund management. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications
for reporting ease.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Fair Value Measurements &#151; Various inputs are used in determining the fair value
of investments. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial statement
purposes as follows:</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Level 1 &#151; unadjusted price quotations in active markets/exchanges for identical
assets and liabilities</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Level 2 &#151; other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated
inputs)</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD>Level 3 &#151; unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the Fund&#146;s own assumptions used in determining
the fair value of investments)</TD>
</TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">Changes in valuation techniques may result in
transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments
is based on the pricing transparency of the investment and derivative financial instrument and does not necessarily correspond
to the Fund&#146;s perceived risk of investing in those securities. For information about the Fund&#146;s policy regarding valuation
of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.</P>
<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">The following table summarizes the inputs used
as of January 31, 2012 in determining the fair valuation of the Fund&#146;s investments:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1pt solid"><B>Valuation Inputs</B></TD>
     <TD STYLE="width: 15%; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid; vertical-align: bottom"><B>Level 1</B></TD>
     <TD STYLE="width: 15%; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid; vertical-align: bottom"><B>Level 2</B></TD>
     <TD STYLE="width: 15%; text-align: left; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>Level 3</B></TD>
     <TD STYLE="width: 10%; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>Total</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Assets:</B></TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">Investments:</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 6px; text-align: left">Long-Term</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Investments<SUP>1</SUP></TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">$281,895,051</TD>
     <TD STYLE="text-align: left; text-align: center">&#151;</TD>
     <TD STYLE="text-align: right">$281,895,051</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 6px; text-align: left">Short-Term</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Securities</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; vertical-align: bottom">$9,011,996</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; vertical-align: bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">9,011,996</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B>Total</B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: center; vertical-align: bottom">$9,011,996</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: center; vertical-align: bottom">$281,895,051</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left; text-align: center">&#151;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$290,907,047</TD></TR></TABLE><BR>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>1</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">See above Schedule of Investments for values in each sector. </TD></TR></TABLE>
<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">JANUARY 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87><A NAME="a_007"></A>Statements of Assets and Liabilities</FONT></P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial; width: 100%">











  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: left"><b>January 31, 2012 (Unaudited)</b></td>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>BlackRock</b><br>

<b>MuniHoldings</b><br>

<b>California</b><br>

<b>Quality</b><br>

<b>Fund, Inc.</b><br>

<b>(MUC)</b></td>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>BlackRock</b><br>

<b>MuniHoldings</b><br>

<b>New Jersey</b><br>

<b>Quality</b><br>

<b>Fund, Inc.</b><br>

<b>(MUJ)</b></td>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>BlackRock</b><br>

<b>MuniYield</b><br>

<b>Investment</b><br>

<b>Quality</b><br>

<b>Fund</b><br>

<b>(MFT)</b></td>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>BlackRock</b><br>

<b>MuniYield</b><br>

<b>Michigan</b><br>

<b>Quality</b><br>

<b>Fund, Inc.</b><br>

<b>(MIY)</b></td>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>BlackRock</b><br>

<b>MuniYield</b><br>

<b>New Jersey</b><br>

<b>Quality</b><br>

<b>Fund, Inc.</b><br>

<b>(MJI)</b></td>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>BlackRock</b><br>

<b>MuniYield</b><br>

<b>Pennsylvania</b><br>

<b>Quality</b><br>

<b>Fund</b><br>

<b>(MPA)</b></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Assets</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>


  <tr valign=bottom>

    <TD STYLE="text-align: left">Investments at value &#151; unaffiliated<sup>1</sup></td>
    <TD STYLE="text-align: right">$</td>
    <TD STYLE="text-align: right">1,077,817,346</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">$</td>
    <TD STYLE="text-align: right">531,852,270</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">$</td>
    <TD STYLE="text-align: right">203,449,608</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">$</td>
    <TD STYLE="text-align: right">442,511,734</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">$</td>
    <TD STYLE="text-align: right">212,004,539</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">$</td>
    <TD STYLE="text-align: right">281,895,051</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Investments at value &#151; affiliated<sup>2</sup></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">14,314,399</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">10,688,194</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">4,599,576</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">6,603,939</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">4,514,258</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">9,011,996</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Cash</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">3,035,428</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">37,763</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Cash pledged as collateral for financial futures contracts</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">144,000</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">77,000</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">83,000</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">68,000</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">29,000</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Interest receivable</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">14,490,437</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">4,718,687</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">2,442,035</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">4,858,446</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">1,745,624</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">2,891,382</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Investments sold receivable</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">7,404,278</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">1,380,000</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">2,209,509</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Deferred offering costs</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">522,835</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">44,403</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">351,581</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">299,589</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">263,273</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">TOB trust receivable</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">2,000,000</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Prepaid expenses</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">9,329</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">4,710</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">2,990</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">6,773</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">3,718</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">4,334</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Other assets</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">126,495</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">50,648</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">2,344</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">64,721</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 1pt">Total assets</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,117,341,712</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">549,281,459</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">214,831,121</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">454,451,121</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">218,599,072</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">294,130,757</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
  </tr>


  <tr>

    <TD COLSPAN="19" STYLE="border-bottom: rgb(57,76,165) 1pt solid; padding-bottom: 1pt">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Accrued Liabilities</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>


  <tr valign=bottom>

    <TD STYLE="text-align: left">Bank overdraft</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">18,181</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">42,313</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">18,939</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">5,708</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Investments purchased payable</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">10,633,691</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">4,708,378</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">2,908,575</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Income dividends payable &#151; Common Shares</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">3,126,896</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">1,536,668</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">553,206</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">1,369,390</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">623,376</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">879,253</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Investment advisory fees payable</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">451,358</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">235,361</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">82,538</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">181,089</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">86,254</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">121,114</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Interest expense and fees payable</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">88,329</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">44,704</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">57,139</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">30,344</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">16,725</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">18,956</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Margin variation payable</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">16,406</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">8,750</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">9,406</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">7,656</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">3,281</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Officer's and Directors' fees payable</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">8,156</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">2,336</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">724</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">1,803</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">139</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">1,563</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Other accrued expenses payable</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">154,161</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">302,398</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">26,573</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">77,653</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">3,140</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 1pt">Total accrued liabilities</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,478,997</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,130,217</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,456,145</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,632,595</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">826,367</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,938,309</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
  </tr>


  <tr>

    <TD COLSPAN="19" STYLE="border-bottom: rgb(57,76,165) 1pt solid; padding-bottom: 1pt">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Other Liabilities</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>


  <tr valign=bottom>

    <TD STYLE="text-align: left">TOB trust certificates</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">199,972,247</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">28,559,240</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">24,723,436</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">18,395,000</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">11,703,052</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">36,094,905</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">VRDP Shares, at liquidation value of</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left">$100,000 per share<sup>3,4</sup></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">172,700,000</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">144,600,000</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">64,400,000</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">66,300,000</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">VMTP Shares, at liquidation value of</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left">$100,000 per share<sup>3,4</sup></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">56,500,000</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Total other liabilities</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">199,972,247</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">201,259,240</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">81,223,436</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">162,995,000</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">76,103,052</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">102,394,905</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 1pt"><b>Total Liabilities</b></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">214,451,244</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">203,389,457</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">86,679,581</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">164,627,595</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">76,929,419</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">106,333,214</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
  </tr>


  <tr>

    <TD COLSPAN="19" STYLE="border-bottom: rgb(57,76,165) 1pt solid; padding-bottom: 1pt">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>AMPS at Redemption Value</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>


  <tr valign=bottom>

    <TD STYLE="text-align: left">$25,000 per share at liquidation preference,</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left">plus unpaid dividends<sup>3,4</sup></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">254,004,140</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt"><b>Net Assets Applicable to Common Shareholders</b></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">648,886,328</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">345,892,002</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">128,151,540</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">289,823,526</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">141,669,653</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">187,797,543</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr>

    <TD COLSPAN="19">&nbsp;</td>
  </tr>

  <tr>

    <TD COLSPAN="19" STYLE="border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="19" STYLE="background-color: #e9ebfb; border-bottom: rgb(57,76,165) 1pt solid; text-align: left; text-indent: 12px"><B><FONT STYLE="color: #394c87">Net Assets Applicable to Common Shareholders Consist of</FONT></B></td>
  </tr>

  <tr>

    <TD COLSPAN="19">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Paid-in capital<sup>5,6</sup></td>
    <TD STYLE="text-align: right">$</td>
    <TD STYLE="text-align: right">584,137,285</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">$</td>
    <TD STYLE="text-align: right">299,019,497</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">$</td>
    <TD STYLE="text-align: right">118,045,125</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">$</td>
    <TD STYLE="text-align: right">263,742,285</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">$</td>
    <TD STYLE="text-align: right">124,799,488</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">$</td>
    <TD STYLE="text-align: right">170,201,598</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Undistributed net investment income</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">12,985,028</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">5,878,927</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">2,131,937</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">3,585,240</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">2,700,069</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">2,264,158</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Accumulated net realized loss</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">(20,149,468</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">(1,933,768</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">(10,728,836</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">(8,152,347</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">(652,037</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">(3,721,455</td>
    <TD STYLE="text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net unrealized appreciation/depreciation</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">71,913,483</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">42,927,346</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">18,703,314</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">30,648,348</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14,822,133</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">19,053,242</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2pt">Net Assets Applicable to Common Shareholders</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">648,886,328</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">345,892,002</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">128,151,540</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">289,823,526</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">141,669,653</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">187,797,543</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Net asset value per Common Share</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">15.88</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">16.26</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">15.13</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">15.91</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">16.01</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">16.34</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 12px; padding-bottom: 2pt"><sup>1 </sup>Investments at cost &#151; unaffiliated</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">1,005,772,469</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">488,854,847</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">184,670,962</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">411,802,071</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">197,156,127</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">262,841,810</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 12px; padding-bottom: 2pt"><sup>2 </sup>Investments at cost &#151; affiliated</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">14,314,399</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">10,688,194</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">4,599,576</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">6,603,939</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">4,514,258</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">9,011,996</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left"><sup>3 </sup>Preferred Shares outstanding:</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 24px; padding-bottom: 2pt">Par value $0.05 per share</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">565</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">663</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 24px; padding-bottom: 2pt">Par value $0.10 per share</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">10,160</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">1,727</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">1,446</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">644</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 12px; padding-bottom: 2pt"><sup>4 </sup>Preferred Shares authorized</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">15,600</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">9,847</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">1 million</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">8,046</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">3,584</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">1 million</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 12px; padding-bottom: 2pt"><sup>5 </sup>Common Shares outstanding</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">40,874,458</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">21,268,248</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">8,467,395</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">18,217,615</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">8,850,570</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">11,493,500</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 12px; padding-bottom: 2pt"><sup>6 </sup>Common Shares authorized</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
   <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-bottom: 2pt">&nbsp;200 million</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-bottom: 2pt">&nbsp;200 million</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-bottom: 2pt">unlimited</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-bottom: 2pt">200 million</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-bottom: 2pt">200 million</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-bottom: 2pt">&nbsp;unlimited</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
  </tr>
</table>
<BR>
<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">JANUARY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87><A NAME="a_008"></A>Statements of Operations</FONT></P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial; width: 100%">











  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: left"><b>Six Months Ended January 31, 2012 (Unaudited)</b></td>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>BlackRock</b><br>

<b>MuniHoldings</b><br>

<b>California</b><br>

<b>Quality</b><br>

<b>Fund, Inc.</b><br>

<b>(MUC)</b></td>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>BlackRock</b><br>

<b>MuniHoldings</b><br>

<b>New Jersey</b><br>

<b>Quality</b><br>

<b>Fund, Inc.</b><br>

<b>(MUJ)</b></td>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>BlackRock</b><br>

<b>MuniYield</b><br>

<b>Investment</b><br>

<b>Quality</b><br>

<b>Fund</b><br>

<b>(MFT)</b></td>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>BlackRock</b><br>

<b>MuniYield</b><br>

<b>Michigan</b><br>

<b>Quality</b><br>

<b>Fund, Inc.</b><br>

<b>(MIY)</b></td>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>BlackRock</b><br>

<b>MuniYield</b><br>

<b>New Jersey</b><br>

<b>Quality</b><br>

<b>Fund, Inc.</b><br>

<b>(MJI)</b></td>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>BlackRock</b><br>

<b>MuniYield</b><br>

<b>Pennsylvania</b><br>

<b>Quality</b><br>

<b>Fund</b><br>

<b>(MPA)</b></td>
  </tr>


  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Investment Income</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>


  <tr valign=bottom>

    <TD STYLE="text-align: left">Interest</td>
    <TD STYLE="text-align: right">$</td>
    <TD STYLE="text-align: right">23,696,570</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">$</td>
    <TD STYLE="text-align: right">11,366,661</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">$</td>
    <TD STYLE="text-align: right">4,583,387</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">$</td>
    <TD STYLE="text-align: right">10,256,856</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">$</td>
    <TD STYLE="text-align: right">4,724,521</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">$</td>
    <TD STYLE="text-align: right">6,405,689</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Income &#151; affiliated</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">5,483</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">2,105</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">324</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">16</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Total income</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">23,702,053</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,368,766</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,583,711</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,256,856</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,724,537</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,405,689</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
  </tr>


  <tr>

    <TD COLSPAN="19" STYLE="border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Expenses</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>


  <tr valign=bottom>

    <TD STYLE="text-align: left">Investment advisory</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">2,905,673</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">1,425,689</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">487,750</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">1,097,647</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">514,506</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">701,773</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Liquidity fees</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">620,692</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">564,555</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">231,457</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">258,851</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Professional</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">116,900</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">55,717</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">39,551</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">56,177</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">45,011</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">35,554</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Remarketing fees on Preferred Shares</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">173,597</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">87,060</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">38,968</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">73,907</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">32,465</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">33,887</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Accounting services</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">67,593</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">43,217</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">22,863</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">35,228</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">22,750</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">26,978</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Transfer agent</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">33,679</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">26,228</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">17,538</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">12,253</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">11,767</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">12,456</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Officer and Directors</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">26,957</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">16,861</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">6,329</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">12,082</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">6,709</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">9,725</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Printing</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">26,721</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">16,553</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">6,025</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">13,740</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">5,855</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">9,381</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Custodian</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">19,007</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">11,983</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">5,169</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">10,415</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">6,416</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">8,097</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Registration</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">6,561</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">4,993</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">4,319</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">11,452</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">4,796</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">4,324</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Miscellaneous</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">39,650</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">52,814</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">19,334</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">28,604</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">26,869</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">33,570</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Total expenses excluding interest expense, fees and</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left">amortization of offering costs</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">3,416,338</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">2,361,807</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">647,846</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">1,916,060</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">908,601</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">1,134,596</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD NOWRAP STYLE="text-align: left">Interest expense, fees and amortization of offering costs<sup>1</sup></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">618,585</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">546,885</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">150,084</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">444,031</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">208,204</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">313,114</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Total expenses</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">4,034,923</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">2,908,692</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">797,930</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">2,360,091</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">1,116,805</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">1,447,710</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Less fees waived by advisor</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(324,017</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(58,424</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(1,361</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(653</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(5,327</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(1,053</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Total expenses after fees waived</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">3,710,906</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">2,850,268</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">796,569</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">2,359,438</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1,111,478</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1,446,657</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net investment income</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">19,991,147</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,518,498</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,787,142</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,897,418</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,613,059</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,959,032</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr>

    <TD COLSPAN="19" STYLE="border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
  </tr>


  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Realized and Unrealized Gain (Loss)</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>


  <tr valign=bottom>

    <TD STYLE="text-align: left">Net realized gain (loss) from:</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left">Investments</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">2,466,703</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">1,097,340</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">1,500,172</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">602,128</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">220,971</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">1,096,277</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left">Financial futures contracts</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">57,264</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(580,602</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(159,513</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(513,621</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(250,201</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(532,893</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">2,523,967</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">516,738</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1,340,659</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">88,507</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(29,230</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">563,384</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD NOWRAP STYLE="text-align: left">Net change in unrealized appreciation/depreciation on:</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left">Investments</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">62,136,097</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">32,774,523</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">13,234,424</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">23,720,025</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">13,436,340</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">15,271,007</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left">Financial futures contracts</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(131,393</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">274,887</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">21,991</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">250,115</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">126,193</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">227,086</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">62,004,704</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">33,049,410</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">13,256,415</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">23,970,140</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">13,562,533</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">15,498,093</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Total realized and unrealized gain</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">64,528,671</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">33,566,148</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,597,074</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,058,647</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,533,303</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,061,477</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
  </tr>


  <tr>

    <TD COLSPAN="19" STYLE="border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Dividends to AMPS Shareholders From</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>


  <tr valign=bottom>

    <TD STYLE="text-align: left">Net investment income</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(272,243</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(101,371</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><b>Net Increase in Net Assets Applicable to</b></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left; padding-bottom: 2pt"><b>Common Shareholders Resulting from Operations</b></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">84,247,575</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">42,084,646</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">18,282,845</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">31,956,065</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">17,146,362</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">21,020,509</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
  </tr>
</table>
<BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial">
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>1</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Related to TOBs, VRDP Shares and/or VMTP Shares. </TD></TR></TABLE>
<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 34 -->
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<BR>
<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87><A NAME="a_009"></A>Statements of Changes in Net Assets</FONT></P>
<table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial; width: 100%">



  <tr valign=bottom>

    <td align=center>&nbsp;</td>
    <TD COLSPAN="6" STYLE="border-bottom: #000000 1px solid; text-align: center"><b>BlackRock MuniHoldings California</b><br>

<b>Quality Fund, Inc. (MUC)</b></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=center colspan="6"><b>BlackRock MuniHoldings New</b><br>

<b>Jersey Quality Fund, Inc. (MUJ)</b></td>
  </tr>







  <tr valign=bottom>

    <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"><b>Increase (Decrease) in Net Assets Applicable to Common Shareholders:</b></td>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid"><b>Six Months Ended<br>
      January 31,</b><br>

<b>2012</b><br>

<b>(Unaudited)</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid"><b>Year Ended</b><br>

<b>July 31,</b><br>

<b>2011</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;&nbsp;</td>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid"><b>Six Months Ended</b><br>

<b>January 31,</b><br>

<b>2012</b><br>

<b>(Unaudited)</b></td>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid"><b>Year Ended</b><br>

<b>July 31,</b><br>

<b>2011</b></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Operations</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Net investment income</td>
    <td align=right>$</td>
    <td align=right>19,991,147</td>
    <td align=left>&nbsp;</td>
    <td align=right>$</td>
    <td align=right>39,555,605</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>$</td>
    <td align=right>8,518,498</td>
    <td align=left>&nbsp;</td>
    <td align=left>$</td>
    <td align=right>19,630,428</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Net realized gain (loss)</td>
    <td align=right>&nbsp;</td>
    <td align=right>2,523,967</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>(9,301,860</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>516,738</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>(1,057,489</td>
    <td align=left>)</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Net change in unrealized appreciation/depreciation</td>
    <td align=right>&nbsp;</td>
    <td align=right>62,004,704</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>(3,868,632</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>33,049,410</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>(8,879,645</td>
    <td align=left>)</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Dividends to AMPS Shareholders from net investment income</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(272,243</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(931,589</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&#151;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(627,047</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 1pt">Net increase in net assets applicable to Common Shareholders resulting from operations</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">84,247,575</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">25,453,524</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">42,084,646</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">9,066,247</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
  </tr>

  <tr>

    <TD COLSPAN="14" STYLE="border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Dividends to Common Shareholders From</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 1pt">Net investment income</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">(18,761,376</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">)</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">(36,787,012</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">(9,439,234</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">)</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">(18,852,930</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">)</td>
  </tr>

  <tr>

    <TD COLSPAN="14" STYLE="border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Capital Share Transactions</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 1pt">Reinvestment of common dividends</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">162,674</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">189,682</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
  </tr>

  <tr>

    <TD COLSPAN="14" STYLE="border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Net Assets Applicable to Common Shareholders</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Total increase (decrease) in net assets applicable to Common Shareholders</td>
    <td align=right>&nbsp;</td>
    <td align=right>65,486,199</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>(11,333,488</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>32,808,086</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>(9,597,001</td>
    <td align=left>)</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Beginning of period</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>583,400,129</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>594,733,617</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>313,083,916</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>322,680,917</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">End of period</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">648,886,328</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">583,400,129</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">345,892,002</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">313,083,916</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Undistributed net investment income</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">12,985,028</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">12,027,500</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">5,878,927</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6,799,663</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>
</table><BR>
<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">JANUARY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87>Statements of Changes in Net Assets</FONT></P>
<table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial; width: 100%">



  <tr valign=bottom>

    <TD STYLE="text-align: center">&nbsp;</td>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><b>BlackRock MuniYield Investment</b><br>

<b>Quality Fund (MFT)</b></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD COLSPAN="5" STYLE="text-align: center; border-bottom: Black 1pt solid"><b>BlackRock MuniYield Michigan</b><br>

<b>Quality Fund, Inc. (MIY)</b></td>
  </tr>







  <tr valign=bottom>

    <TD STYLE="text-align: left; border-bottom: rgb(57,76,165) 1pt solid"><b>Increase (Decrease) in Net Assets Applicable to Common Shareholders:</b></td>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid"><b>Six Months Ended<br>
      January 31,</b><br>

<b>2012</b><br>

<b>(Unaudited)</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid"><b>Year Ended</b><br>

<b>July 31,</b><br>

<b>2011</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid"><b>Six Months Ended</b><br>

<b>January 31,</b><br>

<b>2012</b><br>

<b>(Unaudited)</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid"><b>Year Ended</b><br>

<b>July 31,</b><br>

<b>2011</b></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Operations</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Net investment income</td>
    <td align=right>$</td>
    <td align=right>3,787,142</td>
    <td align=left>&nbsp;</td>
    <td align=right>$</td>
    <td align=right>7,724,014</td>
    <td align=left>&nbsp;</td>
    <td align=left>$</td>
    <td align=right>7,897,418</td>
    <td align=left>&nbsp;</td>
    <td align=left>$</td>
    <td align=right>16,987,044</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Net realized gain (loss)</td>
    <td align=right>&nbsp;</td>
    <td align=right>1,340,659</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>(1,973,825</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>88,507</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>665,730</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Net change in unrealized appreciation/depreciation</td>
    <td align=right>&nbsp;</td>
    <td align=right>13,256,415</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>(2,240,288</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>23,970,140</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>(5,598,697</td>
    <td align=left>)</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Dividends to AMPS Shareholders from net investment income</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(101,371</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(308,831</td>
    <TD STYLE="text-align: left">)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&#151;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(651,184</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 1pt">Net increase in net assets applicable to Common Shareholders resulting from operations</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">18,282,845</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">3,201,070</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">31,956,065</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">11,402,893</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
  </tr>

  <tr>

    <TD COLSPAN="13" STYLE="border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Dividends to Common Shareholders From</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 1pt">Net investment income</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">(3,605,938</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">)</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">(7,210,628</td>
    <TD STYLE="text-align: left">)</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">(8,632,473</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">)</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">(16,686,075</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">)</td>
  </tr>

  <tr>

    <TD COLSPAN="13" STYLE="border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Capital Share Transactions</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 1pt">Reinvestment of common dividends</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">51,841</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">91,502</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">173,683</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 1pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 1pt solid">&nbsp;</td>
  </tr>

  <tr>

    <TD COLSPAN="13" STYLE="border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Net Assets Applicable to Common Shareholders</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Total increase (decrease) in net assets applicable to Common Shareholders</td>
    <td align=right>&nbsp;</td>
    <td align=right>14,728,748</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>(3,918,056</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>23,497,275</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>(5,283,182</td>
    <td align=left>)</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Beginning of period</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>113,422,792</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>117,340,848</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>266,326,251</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>271,609,433</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">End of period</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">128,151,540</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">113,422,792</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">289,823,526</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">266,326,251</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Undistributed net investment income</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">2,131,937</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">2,052,104</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">3,585,240</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">4,320,295</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>
</table><BR>
<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">JANUARY 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87>Statements of Changes in Net Assets</FONT></P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial; width: 100%">



  <tr valign=bottom>

    <TD STYLE="text-align: center">&nbsp;</td>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><b>BlackRock MuniYield New Jersey</b><br>

<b>Quality Fund, Inc. (MJI)</b></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD COLSPAN="5" STYLE="text-align: center; border-bottom: Black 1pt solid"><b>BlackRock MuniYield Pennsylvania</b><br>

<b>Quality Fund (MPA)</b></td>
  </tr>







  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: rgb(57,76,165) 1pt solid"><b>Increase (Decrease) in Net Assets Applicable to Common Shareholders:</b></td>
    <TD COLSPAN="3" STYLE="text-align: center; padding-bottom: 1pt; border-bottom: rgb(57,76,165) 1pt solid"><b>Six Months Ended<br>
      January 31,</b><br>

<b>2012</b><br>

<b>(Unaudited)</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid"><b>Year Ended</b><br>

<b>July 31,</b><br>

<b>2011</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid"><b>Six Months Ended</b><br>

<b>January 31,</b><br>

<b>2012</b><br>

<b>(Unaudited)</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid"><b>Year Ended</b><br>

<b>July 31,</b><br>

<b>2011</b></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Operations</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net investment income</td>
    <TD STYLE="text-align: right">$</td>
    <TD STYLE="text-align: right">3,613,059</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">$</td>
    <TD STYLE="text-align: right">8,005,293</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">$</td>
    <TD STYLE="text-align: right">4,959,032</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">$</td>
    <TD STYLE="text-align: right">10,563,541</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net realized gain (loss)</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">(29,230</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">171,906</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">563,384</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">143,339</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net change in unrealized appreciation/depreciation</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">13,562,533</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(4,320,508</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">15,498,093</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(4,542,999</td>
    <TD STYLE="text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Dividend to AMPS Shareholders from net investment income</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(394,067</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(313,247</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 1pt">Net increase in net assets applicable to Common Shareholders resulting from operations</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">17,146,362</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">3,462,624</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">21,020,509</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">5,850,634</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
  </tr>

  <tr>

    <TD COLSPAN="13" STYLE="border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="13" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><B><FONT STYLE="color: #394c87">Dividends and Distributions to Common Shareholders From</FONT></B></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 1pt">Net investment income</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">(4,089,164</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">(7,636,680</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">(5,273,081</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">(10,531,527</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</td>
  </tr>

  <tr>

    <TD COLSPAN="13" STYLE="border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Capital Share Transactions</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 1pt">Reinvestment of common dividends and distributions</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">131,493</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">373,793</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">112,358</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">88,230</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
  </tr>

  <tr>

    <TD COLSPAN="13" STYLE="border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Net Assets Applicable to Common Shareholders</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Total increase (decrease) in net assets applicable to Common Shareholders</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">13,188,691</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(3,800,263</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">15,859,786</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(4,592,663</td>
    <TD STYLE="text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Beginning of period</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">128,480,962</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">132,281,225</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">171,937,757</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">176,530,420</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">End of period</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">141,669,653</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">128,480,962</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">187,797,543</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">171,937,757</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Undistributed net investment income</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">2,700,069</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">3,176,174</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">2,264,158</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">2,578,207</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>
</table><BR>
<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 37 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87><A NAME="a_010"></A>Statements of Cash Flows</FONT></P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial; width: 100%">











  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: left"><b>Six Months Ended January 31, 2012 (Unaudited)</b></td>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>BlackRock</b><br>

<b>MuniHoldings</b><br>

<b>California</b><br>

<b>Quality</b><br>

<b>Fund, Inc.</b><br>

<b>(MUC)</b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>BlackRock</b><br>

<b>MuniHoldings</b><br>

<b>New Jersey</b><br>

<b>Quality</b><br>

<b>Fund, Inc.</b><br>

<b>(MUJ)</b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>BlackRock</b><br>

<b>MuniYield</b><br>

<b>Investment</b><br>

<b>Quality</b><br>

<b>Fund</b><br>

<b>(MFT)</b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>BlackRock</b><br>

<b>MuniYield</b><br>

<b>Michigan</b><br>

<b>Quality</b><br>

<b>Fund, Inc.</b><br>

<b>(MIY)</b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>BlackRock</b><br>

<b>MuniYield</b><br>

<b>New Jersey</b><br>

<b>Quality</b><br>

<b>Fund, Inc.</b><br>

<b>(MJI)</b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>BlackRock</b><br>

<b>MuniYield</b><br>

<b>Pennsylvania</b><br>

<b>Quality</b><br>

<b>Fund</b><br>

<b>(MPA)</b></td>
  </tr>


  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Cash Provided by (Used for) Operating Activities</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>


  <tr valign=bottom>

    <TD STYLE="text-align: left">Net increase in net assets resulting from operations,</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 6px; text-align: left">excluding dividends to AMPS Shareholders</td>
    <TD STYLE="text-align: right">$</td>
    <TD STYLE="text-align: right">84,519,818</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">$</td>
    <TD STYLE="text-align: right">42,084,646</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">$</td>
    <TD STYLE="text-align: right">18,384,216</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">$</td>
    <TD STYLE="text-align: right">31,956,065</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">$</td>
    <TD STYLE="text-align: right">17,146,362</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">$</td>
    <TD STYLE="text-align: right">21,020,509</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Adjustments to reconcile net increase in net assets</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 6px; text-align: left">resulting from operations to net cash provided by</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 6px; text-align: left">(used for) operating activities:</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left">(Increase) decrease in interest receivable</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">(592,250</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(213,507</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(223,686</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">3,723</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(138,266</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(99,021</td>
    <TD STYLE="text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left">Increase in other assets</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">(17,850</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(50,648</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(2,344</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(64,721</td>
    <TD STYLE="text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left">Decrease in prepaid expenses</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">16,371</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">10,777</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">6,568</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">22,301</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">842</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">20,276</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left">Decrease in income receivable &#151; affiliated</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">352</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left">(Increase) decrease in cash pledged as collateral</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left">for financial futures contracts</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">(144,000</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">98,000</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">43,000</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">82,000</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">33,040</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">115,000</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left">Increase in investment advisory fees payable</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">34,901</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">12,805</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">4,460</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">220</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">3,156</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">6,155</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left">(Increase) decrease in interest expense</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left">and fees payable</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">(35,617</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(3,060</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">45,827</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">21,993</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">13,624</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(3,679</td>
    <TD STYLE="text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD NOWRAP STYLE="text-indent: 12px; text-align: left">Increase (decrease) in other accrued expenses payable</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">(42,095</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">28,868</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(43,310</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(45,795</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(42,941</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(19,614</td>
    <TD STYLE="text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left">Increase (decrease) in margin variation payable</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">16,406</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(124,250</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(26,219</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(106,344</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(52,531</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(83,125</td>
    <TD STYLE="text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left">Increase (decrease) in Officer&#146;s and Trustees&#146;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left">fees payable</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">(96,798</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(2,223</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">173</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(1,525</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(841</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">846</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net realized and unrealized gain on investments</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">(64,602,800</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(33,871,863</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(14,734,596</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(24,322,153</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(13,657,311</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(16,367,284</td>
    <TD STYLE="text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Amortization of premium and accretion of discount</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 6px; text-align: left">on investments</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">1,728,610</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(25,931</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">218,357</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">213,000</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(224,287</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">178,570</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Amortization of deferred offering costs</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">75,790</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">1,989</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">154,295</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">87,976</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">36,628</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Proceeds from sales of long-term investments</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">240,282,635</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">51,427,843</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">32,999,553</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">59,105,759</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">25,993,915</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">38,675,815</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Purchases of long-term investments</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">(252,560,781</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(64,735,344</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(42,482,729</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(61,053,447</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(33,798,815</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(40,292,867</td>
    <TD STYLE="text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net proceeds from sales (purchases) of</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 6px; text-align: left">short-term securities</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(6,966,848</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(746,391</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">2,107,215</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">324,815</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1,792,577</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(267,208</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 1pt">Cash provided by (used for) operating activities</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,540,054</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,983,840</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,785,182</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,304,259</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,845,844</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,856,280</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
  </tr>


  <tr>

    <TD COLSPAN="19" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: right">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Cash Provided by (Used for) Financing Activities</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>


  <tr valign=bottom>

    <TD STYLE="text-align: left">Cash receipts from TOB trust certificates</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">27,929,091</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">15,296,310</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">7,603,706</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">2,205,000</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">7,018,683</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">2,340,000</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Cash payments for TOB trust certificates</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">(7,400,000</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(60,000</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(10,000</td>
    <TD STYLE="text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Cash payments on redemption of AMPS</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(56,525,000</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Cash receipts from issuance of VMTP Shares</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">56,500,000</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Cash payments for offering costs</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(46,392</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(69,390</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(220,861</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(31,816</td>
    <TD STYLE="text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Cash dividends paid to Common Shareholders</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">(18,761,377</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(9,312,969</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(3,601,815</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(8,482,182</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(3,970,917</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(5,160,172</td>
    <TD STYLE="text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Cash dividends paid to AMPS Shareholders</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">(272,340</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(103,498</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Increase in bank overdraft</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">18,181</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">42,313</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">18,939</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">5,708</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 1pt">Cash provided by (used for) financing activities</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,495,374</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,983,341</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,785,182</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,304,259</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,845,844</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,856,280</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</td>
  </tr>


  <tr>

    <TD COLSPAN="19" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: right">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Cash</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>


  <tr valign=bottom>

    <TD STYLE="text-align: left">Net increase (decrease) in cash</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">3,035,428</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(499</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Cash at beginning of period</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">38,262</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Cash at end of period</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">3,035,428</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">37,763</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
  </tr>


  <tr>

    <TD COLSPAN="19" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: right">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Cash Flow Information</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>


  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Cash paid during the period for interest and fees</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">654,202</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">474,155</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">102,268</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">359,790</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">106,604</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">280,165</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
  </tr>


  <tr>

    <TD COLSPAN="19" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: right">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Noncash Financing Activities</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>


  <tr valign=bottom>

    <TD NOWRAP STYLE="text-align: left">Capital shares issued in reinvestment of dividends paid to</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 12px; padding-bottom: 2pt">Common Shareholders</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">162,674</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">51,841</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">173,683</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">131,493</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">112,358</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
  </tr>
</table>
<BR>
<P STYLE="text-align: left; font-size: 8pt; margin-left: 24pt">A Statement of Cash Flows is presented when a Trust had a significant amount of borrowing during the period, based on the average borrowings outstanding in relation to total average assets.</P>
<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">JANUARY 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0 width="100%">
<TR vAlign=bottom>
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87><A NAME="a_011"></A>Financial Highlights</FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"><B><FONT color=#394c87>BlackRock MuniHoldings California Quality Fund, Inc. (MUC)</FONT></B></TD></TR></TABLE><BR>
<table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial; width: 100%">
  <tr valign=bottom>
    <td align=center>&nbsp;</td>
    <TD COLSPAN="3" ROWSPAN="4" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid"><b>Six Months Ended</b><br>

<b>January 31,</b><b> 2012<br>
      </b><b>(Unaudited)</b></td>
    <td align=center>&nbsp;</td>
    <td colspan=5 align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <TD COLSPAN="2" ROWSPAN="4" STYLE="text-align: center; border-bottom: Black 1pt solid"><b>Period</b><br>

<b>July 1, 2009<br>
      </b><b>to July 31,</b><br>

<b>2009</b></td>
    <td align=center>&nbsp;</td>
    <td colspan=6 align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td colspan=5 align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td colspan=6 align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
  </tr>





  <tr valign=bottom>

    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <TD COLSPAN="5" STYLE="text-align: center; border-bottom: Black 1pt solid"><b>
      Year Ended July 31,</b></td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <TD COLSPAN="8" STYLE="text-align: center; border-bottom: Black 1pt solid"><b>Year Ended June 30,</b></td>
  </tr>



  <tr valign=bottom>

    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid"><b>2011</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid"><b>2010</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid"><b>2009</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid"><b>2008</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid"><b>2007</b></td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="22" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><B><FONT STYLE="color: #394c87">Per Share Operating Performance</FONT></B></td>
  </tr>

  <tr valign=bottom>

    <td align=left>Net asset value, beginning of period</td>
    <td style="BORDER-BOTTOM: #000000 1px solid; text-indent: 12px" align=left>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>14.27</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>14.55</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>13.21</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>13.05</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>13.84</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>14.48</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>14.44</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Net investment income<sup>1</sup></td>
    <td align=left>&nbsp;</td>
    <td align=right>0.49</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>0.97</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>0.92</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>0.08</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>0.90</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>0.96</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>1.01</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Net realized and unrealized gain (loss)</td>
    <td align=left>&nbsp;</td>
    <td align=right>1.59</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>(0.33</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>1.24</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>0.14</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>(0.89</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>(0.60</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>0.07</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Dividends to AMPS Shareholders from</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-indent: 12px" align=left>net investment income</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.01</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.02</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.03</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.00</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)<sup>2</sup></td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.15</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.32</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.31</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
  </tr>

  <tr valign=bottom>

    <TD NOWRAP STYLE="text-align: left">Net increase (decrease) from investment operations</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>2.07</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>0.62</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>2.13</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>0.22</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.14</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>0.04</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>0.77</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Dividends to Common Shareholders from</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-indent: 12px" align=left>net investment income</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.46</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.90</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.79</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.06</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.65</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.68</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.73</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Net asset value, end of period</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid; text-indent: 12px">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">15.88</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">14.27</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">14.55</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">13.21</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">13.05</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">13.84</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">14.48</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Market price, end of period</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid; text-indent: 12px">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">15.55</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">13.15</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">14.04</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">12.18</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">11.07</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">12.24</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">13.92</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr>

    <TD COLSPAN="22" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: right">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="22" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><B><FONT STYLE="color: #394c87">Total Investment Return Applicable to Common Shareholders</FONT></B><B><SUP><FONT STYLE="color: #394c87">3</FONT></SUP></B></td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Based on net asset value</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">14.84</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>4</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">4.88</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">16.96</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.75</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>4</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">0.21</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">0.64</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">5.46</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Based on market price</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">22.03</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>4</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">0.16</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">22.40</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">10.59</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>4</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">(3.88</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">)%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">(7.41</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">)%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">5.02</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr>

    <TD COLSPAN="22" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: right">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="22" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><B><FONT STYLE="color: #394c87">Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B></td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Total expenses<sup>5</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.32</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.38</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.23</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.34</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6,7</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.59</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.58</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.66</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Total expenses after fees waived<sup>5</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.21</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.25</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.12</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.19</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6,7</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.40</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.50</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.60</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Total expenses after fees waived and excluding interest</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="text-indent: 12px; padding-bottom: 2pt">expense and fees<sup>5,8</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.01</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.02</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">0.98</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.06</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6,7</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.02</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.14</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.12</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Net investment income<sup>5</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.53</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.93</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.52</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.59</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6,7</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">7.08</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.72</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.81</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Dividends to AMPS Shareholders</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">0.09</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">0.16</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">0.18</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">0.23</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.15</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">2.22</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">2.11</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Net investment income to Common Shareholders</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.44</td>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.77</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.34</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.36</td>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>6,7</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">5.93</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">4.50</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">4.70</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr>

    <TD COLSPAN="22" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: right">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Supplemental Data</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Net assets applicable to Common Shareholders,</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="text-indent: 12px; padding-bottom: 2pt">end of period (000)</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid; text-indent: 12px">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">648,886</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">583,400</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">594,734</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">540,144</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">533,256</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">565,757</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">592,053</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>AMPS outstanding at $25,000 liquidation</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="text-indent: 12px; padding-bottom: 2pt">preference, end of period (000)</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid; text-indent: 12px">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">254,000</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">254,000</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">254,000</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">254,000</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">287,375</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">287,375</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">390,000</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Portfolio turnover</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">24</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">24</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">25</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">19</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">43</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">35</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Asset coverage per AMPS at $25,000</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD NOWRAP STYLE="text-align: left; text-indent: 12px; padding-bottom: 2pt">liquidation preference, end of period</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid; text-indent: 12px">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">88,868</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">82,421</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">83,538</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">78,166</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">71,392</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">74,225</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">62,965</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>
</table><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial">
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>1</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Based on average Common Shares outstanding. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>2</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Amount is less than $(0.01) per share. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>3</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">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. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>4</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Aggregate total investment return. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>5</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Do not reflect the effect of dividends to AMPS Shareholders. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>6</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Annualized. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>7</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Certain non-recurring expenses have been included in the ratio but not annualized. If these expenses were annualized, the ratios of total expenses, total expenses after fees waived, total expenses after fees waived excluding interest expense and fees, net investment income and net investment income to Common Shareholders would have been 1.43%, 1.28%, 1.15%, 6.50% and 6.27%, respectively. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>8</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. </TD></TR></TABLE>
<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">JANUARY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0 width="100%">
<TR vAlign=bottom>
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87>Financial Highlights</FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"><B><FONT color=#394c87>BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial; width: 100%">




  <tr valign=bottom>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD COLSPAN="2" ROWSPAN="4" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>Six Months Ended <BR>
January&nbsp;31, 2012 </b><b><BR>
(Unaudited)</b></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD COLSPAN="14" STYLE="text-align: left">&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD COLSPAN="14" STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD COLSPAN="14" STYLE="border-bottom: #000000 1px solid; text-align: center"><b>Year Ended July 31,</b></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>2011</b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>2010</b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>2009</b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>2008</b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>2007</b></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Per Share Operating Performance</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net asset value, beginning of period</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">$</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14.73</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">15.19</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">$</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14.40</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">$</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14.35</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14.86</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">$</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14.91</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net investment income<sup>1</sup></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">0.40</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">0.93</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">1.00</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">0.98</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">0.93</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">1.03</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net realized and unrealized gain (loss)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">1.57</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(0.47</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">0.67</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(0.11</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(0.47</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(0.03</td>
    <TD STYLE="text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD NOWRAP STYLE="text-align: left">Dividends and distributions to AMPS Shareholders from:</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 12px">Net investment income</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(0.03</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(0.03</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(0.16</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(0.31</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(0.31</td>
    <TD STYLE="text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 12px">Net realized gain</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.00</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)<sup>2</sup></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net increase from investment operations</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1.97</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.43</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1.64</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.71</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.15</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.69</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Dividends and distributions to Common Shareholders from:</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 12px">Net investment income</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(0.44</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(0.89</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(0.84</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(0.66</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(0.66</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(0.74</td>
    <TD STYLE="text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 12px">Net realized gain</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.01</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Total dividends and distributions to Common Shareholders</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.44</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.89</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.85</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.66</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.66</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.74</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net asset value, end of period</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">16.26</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">14.73</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">15.19</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">14.40</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">14.35</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">14.86</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Market price, end of period</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">15.77</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">13.74</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">15.05</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">13.38</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">12.93</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">14.40</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr>

    <TD COLSPAN="19" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: right">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Total Investment Return Applicable to Common Shareholders</font></b><b><sup><font color=#394c87>3</font></sup></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Based on net asset value</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">13.71</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>4</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">3.28</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">11.95</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.13</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.35</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">4.71</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Based on market price</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">18.23</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>4</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">(2.77</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">)%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">19.37</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">9.45</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">(5.76</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">)%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">0.99</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr>

    <TD COLSPAN="19" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: right">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="19" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><B><FONT STYLE="color: #394c87">Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Total expenses<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.78</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.21</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.13</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.30</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.30</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.45</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Total expenses after fees waived<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.75</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.17</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.08</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.21</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.23</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.40</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Total expenses after fees waived and excluding interest expense,</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 12px; padding-bottom: 2pt">fees and amortization of offering costs<sup>5,7</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.41</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.11</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.05</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.10</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.15</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.17</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net investment income<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">5.22</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.36</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.71</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">7.04</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.22</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.77</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Dividends to AMPS Shareholders</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">0.21</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">0.22</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.13</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">2.11</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">2.03</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net investment income to Common Shareholders</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">5.22</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.15</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.49</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">5.91</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">4.11</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">4.74</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr>

    <TD COLSPAN="19" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: right">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Supplemental Data</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net assets applicable to Common Shareholders, end of period (000)</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">345,892</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">313,084</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">322,681</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">305,856</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">304,947</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">315,769</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">AMPS outstanding at $25,000 liquidation preference, end of period (000)</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">172,700</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">172,700</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">176,700</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">203,000</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">VRDP Shares outstanding at $100,000 liquidation value, end of period (000)</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">172,700</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">172,700</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Portfolio turnover</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">10</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">12</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">13</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">9</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">12</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">17</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Asset coverage per AMPS at $25,000 liquidation preference, end of period</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">71,713</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">69,278</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid"><sup>8</sup>&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">68,152</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid"><sup>8</sup>&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">63,898</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid"><sup>8</sup>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD NOWRAP STYLE="text-align: left">Asset coverage per VRDP Share at $100,000 liquidation value, end of period</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">300,285</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">281,288</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>
</table><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial">
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>1</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Based on average Common Shares outstanding. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>2</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Amount is less than $(0.01) per share. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>3</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">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. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>4</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Aggregate total investment return. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>5</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Do not reflect the effect of dividends to AMPS Shareholders. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>6</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Annualized. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>7</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Interest expense, fees and amortization of offering costs relate to TOBs and/or VRDP Shares. See Note 1 and Note 7 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VRDP Shares, respectively. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>8</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Amounts have been recalculated to conform with current year presentation. </TD></TR></TABLE>
<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">JANUARY 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<BR>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0 width="100%">
<TR vAlign=bottom>
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87>Financial Highlights</FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"><B><FONT color=#394c87>BlackRock MuniYield Investment Quality Fund (MFT)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial; width: 100%">
  <tr valign=bottom>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD COLSPAN="3" ROWSPAN="5" STYLE="border-bottom: Black 1pt solid; text-align: center"><b>Six Months</b><br>

<b>Ended</b><br>

<b>January&nbsp;31, </b><b>2012</b><BR>
<b> (Unaudited)</b></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <td align=center colspan="8">&nbsp;</td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD COLSPAN="2" ROWSPAN="5" STYLE="border-bottom: Black 1pt solid; text-align: center"><b>Period<br>November&nbsp;1, 2007 <BR>
to July&nbsp;31,<BR>
2008</b></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <td style="text-indent: 6px" colspan=5 align=center>&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <td align=center colspan="8">&nbsp;</td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <td style="text-indent: 6px" colspan=5 align=center>&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <td align=center colspan="8">&nbsp;</td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <td style="text-indent: 6px" colspan=5 align=center>&nbsp;</td>
  </tr>







  <tr valign=bottom>

    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-indent: 12px; text-align: center">&nbsp;</td>
    <td colspan="8" style="border-bottom: Black 1pt solid; text-align: center"><b>Year Ended July 31,</b></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD COLSPAN="5" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center"><b>Year&nbsp;Ended&nbsp;October&nbsp;31,</b></td>
  </tr>



  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>2011</b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>2010</b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>2009</b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>2007</b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center">&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: center"><b>2006</b></td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="22" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><b><font style="color: #394c87">Per Share Operating Performance</font></b></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net asset value, beginning of period</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">$</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">13.40</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">$</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">13.87</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">$</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">12.83</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">13.42</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">$</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14.38</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14.91</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">$</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14.72</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net investment income<sup>1</sup></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">0.45</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">0.91</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">0.92</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">0.94</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">0.71</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">0.95</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">0.97</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net realized and unrealized gain (loss)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">1.74</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(0.49</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">0.98</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(0.70</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(0.97</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(0.49</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">0.24</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Dividends to AMPS Shareholders from net investment income</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.03</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.04</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.04</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.15</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.22</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.31</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.27</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net increase (decrease) from investment operations</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">2.16</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.38</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1.86</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.09</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.48</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.15</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.94</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Dividends to Common Shareholders from net</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left">investment income</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.43</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.85</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.82</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.68</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.48</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.68</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.75</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Net asset value, end of period</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">15.13</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">13.40</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">13.87</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">12.83</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">13.42</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">14.38</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">14.91</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Market price, end of period</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">14.89</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">12.39</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">14.28</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">11.80</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">11.75</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">12.74</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">14.21</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr>

    <TD COLSPAN="22" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: right">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="22" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><b><font style="color: #394c87">Total Investment Return Applicable to Common Shareholders</font></b><b><sup><font style="color: #394c87">2</font></sup></b></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Based on net asset value</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">16.39</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>3</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">3.20</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">14.99</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.94</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">(2.97</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">)%<sup>3</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.39</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.87</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Based on market price</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">23.88</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>3</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">(7.32</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">)%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">28.72</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">7.08</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">(4.11</td>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2pt solid">)%<sup>3</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">(5.75</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">)%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">5.73</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr>

    <TD COLSPAN="22" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: right">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="22" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><B><FONT STYLE="color: #394c87">Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Total expenses<sup>4</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.33</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.23</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.19</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.40</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.51</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.54</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.46</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Total expenses after fees waived<sup>4</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.33</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.23</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.19</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.37</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.49</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.52</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.45</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Total expenses after fees waived and excluding interest</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 12px; padding-bottom: 2pt">expense and fees<sup>4,6</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.08</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.11</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.09</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.19</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.18</td>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.20</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.17</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Net investment income<sup>4</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.32</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.91</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.80</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">7.54</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.60</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.53</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.58</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Dividends to AMPS Shareholders</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">0.17</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">0.28</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">0.29</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.23</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">2.07</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">2.13</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.87</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Net investment income to Common Shareholders</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.15</td>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.63</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.51</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.31</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">4.53</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">4.40</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">4.71</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr>

    <TD COLSPAN="22" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: right">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Supplemental Data</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net assets applicable to Common Shareholders,</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 12px; padding-bottom: 2pt">end of period (000)</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">128,152</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">113,423</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">117,341</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">108,434</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">113,449</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">121,574</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">126,042</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">AMPS outstanding at $25,000 liquidation preference,</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 12px; padding-bottom: 2pt">end of period (000)</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">56,525</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">56,525</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">56,525</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">62,250</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">72,000</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">72,000</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">VMTP Shares outstanding at $100,000 liquidation value,</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 12px; padding-bottom: 2pt">end of period (000)</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">56,500</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Portfolio turnover</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">18</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">29</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">38</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">43</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">21</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">26</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">34</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD NOWRAP STYLE="text-align: left">Asset coverage per AMPS at $25,000 liquidation preference,</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 12px; padding-bottom: 2pt">end of period</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">75,165</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">76,900</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">72,961</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">70,569</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">67,220</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">68,769</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Asset coverage per VMTP Shares at $100,000 liquidation</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 12px; padding-bottom: 2pt">value, end of period</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">326,818</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>
</table><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial">
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>1</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Based on average Common Shares outstanding. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>2</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">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. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>3</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Aggregate total investment return. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>4</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Do not reflect the effect of dividends to AMPS Shareholders. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>5</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Annualized. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>6</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Interest expense, fees and amortization of offering costs relate to TOBs and/or VMTP Shares. See Note 1 and Note 7 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VMTP Shares, respectively. </TD></TR></TABLE>
<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">JANUARY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0 width="100%">
<TR vAlign=bottom>
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87>Financial Highlights</FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"><B><FONT color=#394c87>BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial; width: 100%">
  <tr valign=bottom>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD COLSPAN="4" ROWSPAN="4" STYLE="text-align: center; border-bottom: Black 1pt solid"><b>Six Months</b><br>

<b>Ended</b><br>

<b>January&nbsp;31, 2012 <br>(Unaudited)</b></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <td align=center colspan="8">&nbsp;</td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD COLSPAN="2" ROWSPAN="4" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><b>Period <BR>
November&nbsp;1, <BR>
2007 to <BR>
July&nbsp;31,<br>2008</b></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <td style="text-indent: 6px" colspan=5 align=center>&nbsp;</td>
  </tr>

  <tr valign=bottom>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <td align=center colspan="8">&nbsp;</td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <td style="text-indent: 6px" colspan=5 align=center>&nbsp;</td>
  </tr>







  <tr valign=bottom>

    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD COLSPAN="8" STYLE="text-align: center; border-bottom: Black 1pt solid; text-indent: 12px"><b>Year Ended July 31,</b></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD COLSPAN="5" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; text-indent: 12px"><b>Year&nbsp;Ended&nbsp;October&nbsp;31,</b></td>
  </tr>



  <tr valign=bottom>

    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><b>2011</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><b>2010</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><b>2009</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><b>2007</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><b>2006</b></td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="23" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><B><FONT STYLE="color: #394c87">Per Share Operating Performance</FONT></B></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net asset value, beginning of period</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">$</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14.63</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">$</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14.92</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">$</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">13.93</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14.16</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">$</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">15.03</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">15.45</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">$</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">15.32</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net investment income<sup>1</sup></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">0.43</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">0.93</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">0.98</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">1.00</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">0.70</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">1.06</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">1.04</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net realized and unrealized gain (loss)</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">1.32</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(0.26</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">0.94</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(0.40</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(0.82</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">(0.45</td>
    <TD STYLE="text-align: left">)</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">0.22</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Dividends to AMPS Shareholders from</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left">net investment income</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.04</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.05</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.16</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.23</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.32</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.29</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net increase (decrease) from investment operations</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1.75</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.63</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1.87</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.44</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.35</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.29</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.97</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD NOWRAP STYLE="text-align: left">Dividends to Common Shareholders from</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 12px; text-align: left">net investment income</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.47</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.92</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.88</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.67</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.52</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.71</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.84</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Net asset value, end of period</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">15.91</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">14.63</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">14.92</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">13.93</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">14.16</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">15.03</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">15.45</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Market price, end of period</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">15.63</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">13.39</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">14.55</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">12.25</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">12.30</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">13.40</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">14.67</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr>

    <TD COLSPAN="23" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: right">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="23" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><B><FONT STYLE="color: #394c87">Total Investment Return Applicable to Common Shareholders</FONT></B><B><SUP><FONT STYLE="color: #394c87">2</FONT></SUP></B></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Based on net asset value</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">12.28</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>3</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">4.78</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">14.31</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">4.66</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">(2.02</td>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2pt solid">)%<sup>3</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">2.30</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.64</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Based on market price</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">20.52</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>3</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">(1.67</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">)%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">26.76</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">5.95</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">(4.54</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">)%<sup>3</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">(3.95</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">)%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.32</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr>

    <TD COLSPAN="23" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: right">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="23" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><B><FONT STYLE="color: #394c87">Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Total expenses<sup>4</sup></td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.70</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.37</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.07</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.27</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.42</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.55</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.62</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Total expenses after fees waived<sup>4</sup></td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.70</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.36</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.07</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.25</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.40</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.55</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.61</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD NOWRAP STYLE="text-align: left">Total expenses after fees waived and excluding interest</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 12px; padding-bottom: 2pt">expense, fees and amortization of offering costs<sup>4,6</sup></td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.38</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.23</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.03</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.09</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.13</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.12</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.11</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Net investment income<sup>4</sup></td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">5.70</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.48</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.72</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">7.37</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.19</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.95</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.84</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Dividends to AMPS Shareholders</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">0.25</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">0.31</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.19</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">2.05</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">2.12</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">1.87</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Net investment income to Common Shareholders</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">5.70</td>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.23</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.41</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">6.18</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">4.14</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>5</sup></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">4.83</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">4.97</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr>

    <TD COLSPAN="23" STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-align: right">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Supplemental Data</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">Net assets applicable to Common Shareholders,</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 12px; padding-bottom: 2pt">end of period (000)</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD COLSPAN="2" ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">289,824</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">266,326</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">271,609</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">253,630</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">257,806</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">273,593</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">281,350</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">AMPS outstanding at $25,000 liquidation preference,</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 12px; padding-bottom: 2pt">end of period (000)</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">144,650</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">144,650</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">144,650</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">165,000</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">165,000</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">VRDP Shares outstanding at $100,000 liquidation value,</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 12px; padding-bottom: 2pt">end of period (000)</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD COLSPAN="2" ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">144,600</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">144,600</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Portfolio turnover</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">14</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">16</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">15</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">9</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">21</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">10</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">15</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD NOWRAP STYLE="text-align: left">Asset coverage per AMPS at $25,000 liquidation preference,</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 12px; padding-bottom: 2pt">end of period</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">71,945</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">68,838</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">69,563</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">66,461</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">67,638</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD NOWRAP STYLE="text-align: left">Asset coverage per VRDP share at $100,000 liquidation value,</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 12px; padding-bottom: 2pt">end of period</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</td>
    <TD COLSPAN="2" ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">300,432</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">$</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">284,181</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&#151;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>
</table><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial">
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>1</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Based on average Common Shares outstanding. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>2</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">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. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>3</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Aggregate total investment return. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>4</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Do not reflect the effect of dividends to AMPS Shareholders. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>5</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Annualized. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>6</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Interest expense, fees and amortization of offering costs relate to TOBs and/or VRDP Shares. See Note 1 and Note 7 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VRDP Shares, respectively. </TD></TR></TABLE>
<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">JANUARY 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0 width="100%">
<TR vAlign=bottom>
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87>Financial Highlights</FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"><B><FONT color=#394c87>BlackRock MuniYield New Jersey Quality Fund, Inc. (MJI)</FONT></B></TD></TR></TABLE><BR>
<table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial; width: 100%">
  <tr valign=bottom>
    <td align=center>&nbsp;</td>
    <TD COLSPAN="4" ROWSPAN="5" STYLE="text-align: center; border-bottom: Black 1pt solid; text-indent: 12px"><b>Six Months<BR>
Ended<BR>
January&nbsp;31 , 2012<BR>
(Unaudited)</b></td>
    <td align=center>&nbsp;</td>
    <td align=center colspan="8">&nbsp;</td>
    <td align=center>&nbsp;</td>
    <TD COLSPAN="2" ROWSPAN="5" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><b>Period<BR>
November&nbsp;1,<BR>
2007 to <BR>
July&nbsp;31,<BR>
2008</b></td>
    <td align=center>&nbsp;</td>
    <td style="text-indent: 6px" colspan=5 align=center>&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center colspan="8">&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td style="text-indent: 6px" colspan=5 align=center>&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center colspan="8">&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td style="text-indent: 6px" colspan=5 align=center>&nbsp;</td>
  </tr>







  <tr valign=bottom>

    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <TD COLSPAN="8" STYLE="text-align: center; border-bottom: Black 1pt solid; text-indent: 12px"><b>Year Ended July 31,</b></td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <TD COLSPAN="5" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; text-indent: 12px"><b>Year&nbsp;Ended&nbsp;October&nbsp;31,</b></td>
  </tr>



  <tr valign=bottom>

    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px">&nbsp;</td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><b>2011</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><b>2010</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><b>2009</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><b>2007</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><b>2006</b></td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="23" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><B><FONT STYLE="color: #394c87">Per Share Operating Performance</FONT></B></td>
  </tr>

  <tr valign=bottom>

    <td align=left>Net asset value, beginning of period</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>14.53</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>15.00</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>14.07</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>14.23</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>15.02</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>15.42</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>15.07</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Net investment income<sup>1</sup></td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>0.41</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>0.91</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>0.98</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>0.96</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>0.69</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>0.96</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>0.97</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Net realized and unrealized gain (loss)</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>1.53</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>(0.48</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>0.94</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>(0.27</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>(0.76</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>(0.42</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>0.36</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Dividends and distributions to AMPS Shareholders from:</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-indent: 12px" align=left>Net investment income</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>&#151;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>(0.04</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>(0.04</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>(0.15</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>(0.21</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>(0.28</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>(0.25</td>
    <td align=left>)</td>
  </tr>

  <tr valign=bottom>

    <td style="text-indent: 12px" align=left>Net realized gain</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&#151;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&#151;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.01</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.01</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.01</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.00</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)<sup>2</sup></td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&#151;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Net increase (decrease) from investment operations</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>1.94</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>0.39</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>1.87</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>0.53</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.29</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>0.26</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>1.08</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Dividends and distributions to Common Shareholders from:</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-indent: 12px" align=left>Net investment income</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>(0.46</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>(0.86</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>(0.84</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>(0.67</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>(0.49</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>(0.65</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>(0.73</td>
    <td align=left>)</td>
  </tr>

  <tr valign=bottom>

    <td style="text-indent: 12px" align=left>Net realized gain</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&#151;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&#151;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.10</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.02</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.01</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.01</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&#151;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Total dividends and distributions to Common Shareholders</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.46</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.86</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.94</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.69</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.50</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.66</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.73</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Net asset value, end of period</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">16.01</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">14.53</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">15.00</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">14.07</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">14.23</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">15.02</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">15.42</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Market price, end of period</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">15.99</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">13.16</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">14.92</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">12.82</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">12.81</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">13.70</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">14.96</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr>

    <TD COLSPAN="23" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="23" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><B><FONT STYLE="color: #394c87">Total Investment Return Applicable to Common Shareholders</FONT></B><B><SUP><FONT STYLE="color: #394c87">3</FONT></SUP></B></td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Based on net asset value</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">13.70</td>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>4</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">3.10</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">13.90</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">4.94</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">(1.67</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">)%<sup>4</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">2.00</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">7.50</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Based on market price</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">25.38</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>4</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">(6.12</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">)%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">24.34</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.22</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">(2.95</td>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2pt solid">)%<sup>4</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">(4.10</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">)%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">7.28</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr>

    <TD COLSPAN="23" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="23" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><B><FONT STYLE="color: #394c87">Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B></td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Total expenses<sup>5</sup></td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.67</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.13</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.06</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.22</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.24</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.37</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.59</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Total expenses after fees waived<sup>5</sup></td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.66</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.12</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.05</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.21</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.24</td>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.37</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.59</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Total expenses after fees waived and excluding interest</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD NOWRAP STYLE="text-align: left; text-indent: 12px; padding-bottom: 2pt">expense, fees and amortization of offering costs<sup>5,7</sup></td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.35</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.08</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.02</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.11</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.18</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.17</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.15</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Net investment income<sup>5</sup></td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">5.39</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.32</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.64</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">7.10</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.18</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.30</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.46</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Dividends to AMPS Shareholders</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">0.31</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">0.29</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.12</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.87</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.81</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.63</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Net investment income to Common Shareholders</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">5.39</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.01</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.35</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">5.98</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">4.31</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">4.49</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">4.83</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr>

    <TD COLSPAN="23" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Supplemental Data</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Net assets applicable to Common Shareholders,</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="text-indent: 12px; padding-bottom: 2pt">end of period (000)</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD COLSPAN="2" ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">141,670</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">128,481</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">132,281</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">123,806</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">125,233</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">132,174</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">135,767</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>AMPS outstanding at $25,000 liquidation preference,</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="text-indent: 12px; padding-bottom: 2pt">end of period (000)</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">64,475</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">64,475</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">65,700</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">73,500</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">73,500</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>VRDP Shares outstanding at $100,000 liquidation value,</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="text-indent: 12px; padding-bottom: 2pt">end of period (000)</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">64,400</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">64,400</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Portfolio turnover</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">13</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">12</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">12</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">8</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">13</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">23</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">11</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD NOWRAP STYLE="text-align: left">Asset coverage per AMPS at $25,000 liquidation preference,</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="text-indent: 12px; padding-bottom: 2pt">end of period</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">76,294</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">73,008</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">72,666</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">69,965</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">71,185</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Asset coverage per VRDP share at $100,000 liquidation value,</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="text-indent: 12px; padding-bottom: 2pt">end of period</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD COLSPAN="2" ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">319,984</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">299,505</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>
</table><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial">
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>1</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Based on average Common Shares outstanding. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>2</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Amount is less than $(0.01) per share. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>3</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">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. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>4</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Aggregate total investment return. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>5</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Do not reflect the effect of dividends to AMPS Shareholders. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>6</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Annualized. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>7</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Interest expense, fees and amortization of offering costs relate to TOBs and/or VRDP Shares. See Note 1 and Note 7 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VRDP Shares, respectively. </TD></TR></TABLE>
<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">JANUARY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0 width="100%">
<TR vAlign=bottom>
     <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87>Financial Highlights</FONT></TD>
     <TD STYLE="text-align: right; font-size: 9pt; border-top: rgb(57,76,165) 4pt solid"><B><FONT color=#394c87>BlackRock MuniYield Pennsylvania Quality Fund (MPA)</FONT></B></TD></TR></TABLE><BR>
<table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial; width: 100%">
  <tr valign=bottom>
    <td align=center>&nbsp;</td>
    <TD COLSPAN="3" ROWSPAN="5" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid"><b>Six Months<BR>
Ended <BR>
January&nbsp;31, 2012<BR>
(Unaudited)</b></td>
    <td align=center>&nbsp;</td>
    <td align=center colspan="8">&nbsp;</td>
    <td align=center>&nbsp;</td>
    <TD COLSPAN="2" ROWSPAN="5" STYLE="text-align: center; border-bottom: Black 1pt solid"><b>Period<BR>
November&nbsp;1,<BR>
2007 to<BR>
July&nbsp;31,<BR>
2008</b></td>
    <td align=center>&nbsp;</td>
    <td style="text-indent: 6px" colspan=5 align=center>&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center colspan="8">&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td style="text-indent: 6px" colspan=5 align=center>&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center colspan="8">&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td style="text-indent: 6px" colspan=5 align=center>&nbsp;</td>
  </tr>







  <tr valign=bottom>

    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <TD COLSPAN="8" STYLE="text-align: center; border-bottom: Black 1pt solid; text-indent: 12px"><b>Year Ended July 31,</b></td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <TD COLSPAN="5" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; text-indent: 12px"><b>Year&nbsp;Ended&nbsp;October&nbsp;31,</b></td>
  </tr>



  <tr valign=bottom>

    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><b>2011</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><b>2010</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><b>2009</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><b>2007</b></td>
    <TD STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><b>2006</b></td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="22" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><B><FONT STYLE="color: #394c87">Per Share Operating Performance</FONT></B></td>
  </tr>

  <tr valign=bottom>

    <td align=left>Net asset value, beginning of period</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>14.97</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>15.38</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>14.28</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>14.30</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>15.49</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>15.89</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>15.57</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Net investment income<sup>1</sup></td>
    <td align=left>&nbsp;</td>
    <td align=right>0.43</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>0.92</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>0.92</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>0.93</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>0.71</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>1.01</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>1.01</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Net realized and unrealized gain (loss)</td>
    <td align=left>&nbsp;</td>
    <td align=right>1.40</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>(0.38</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>1.02</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>(0.15</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>(1.18</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>(0.40</td>
    <td align=left>)</td>
    <td align=left>&nbsp;</td>
    <td align=right>0.36</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Dividends to AMPS Shareholders from</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-indent: 12px" align=left>net investment income</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&#151;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.03</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.03</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.14</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.22</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.32</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.27</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Net increase (decrease) from investment operations</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>1.83</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>0.51</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>1.91</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>0.64</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.69</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>0.29</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>1.10</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Dividends to Common Shareholders from</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-indent: 12px" align=left>net investment income</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.46</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.92</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.81</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.66</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.50</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.69</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.78</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Capital charges with respect to the issuance</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-indent: 12px" align=left>of Preferred Shares</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&#151;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&#151;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&#151;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&#151;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&#151;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>&#151;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(0.00</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)<sup>2</sup></td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Net asset value, end of period</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">16.34</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">14.97</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">15.38</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">14.28</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">14.30</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">15.49</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">15.89</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Market price, end of period</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">16.25</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">13.94</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">15.26</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">12.87</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">12.43</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">13.67</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">14.60</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr>

    <TD COLSPAN="22" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="22" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><B><FONT STYLE="color: #394c87">Total Investment Return Applicable to Common Shareholders</FONT></B><B><SUP><FONT STYLE="color: #394c87">3</FONT></SUP></B></td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Based on net asset value</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">12.46</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>4</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">3.84</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">14.18</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">5.88</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">(4.18</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">)%<sup>4</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">2.19</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">7.52</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Based on market price</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">20.10</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>4</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">(2.55</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">)%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">25.70</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">9.78</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">(5.62</td>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2pt solid">)%<sup>4</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">(1.85</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">)%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">3.16</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr>

    <TD COLSPAN="22" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="22" STYLE="background-color: #e9ebfb; text-align: left; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px"><B><FONT STYLE="color: #394c87">Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B></td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Total expenses<sup>5</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.62</td>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.37</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.15</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.27</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.50</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.72</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.70</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Total expenses after fees waived<sup>5</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.62</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.36</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.15</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.25</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.48</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.72</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.69</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Total expenses after fees waived and excluding interest</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD NOWRAP STYLE="text-indent: 12px; text-align: left; padding-bottom: 2pt">expense, fees and amortization of offering costs<sup>5,7</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.27</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.14</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.00</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.06</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.13</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.13</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.13</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Net investment income<sup>5</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">5.55</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.24</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.17</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.82</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.18</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.44</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.49</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Dividends to AMPS Shareholders<sup>5</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">0.18</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">0.22</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.00</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.93</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">2.02</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">1.76</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Net investment income to Common Shareholders</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">5.55</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6.06</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">5.95</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">5.82</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">4.25</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%<sup>6</sup></td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">4.42</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">4.73</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr>

    <TD COLSPAN="22" STYLE="text-align: center; border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; text-indent: 12px; background-color: #e9ebfb; text-align: left"><b><font color=#394c87>Supplemental Data</font></b></td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(57,76,165) 1pt solid; background-color: #e9ebfb; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Net assets applicable to Common Shareholders,</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="text-indent: 12px; padding-bottom: 2pt">end of period (000)</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">187,798</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">171,938</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">176,530</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">163,918</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">164,119</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">177,807</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">182,402</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>AMPS outstanding at $25,000 liquidation preference,</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="text-indent: 12px; padding-bottom: 2pt">end of period (000)</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">66,350</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">66,350</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">77,400</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">102,000</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">102,000</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>VRDP Shares outstanding at $100,000 liquidation value,</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="text-indent: 12px; padding-bottom: 2pt">end of period (000)</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">66,300</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">66,300</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt">Portfolio turnover</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">14</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">11</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">6</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">18</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">24</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">35</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">25</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">%</td>
  </tr>

  <tr valign=bottom>

    <TD NOWRAP STYLE="text-align: left">Asset coverage per AMPS at $25,000 liquidation preference,</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="text-indent: 12px; padding-bottom: 2pt">end of period</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">91,517</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">86,765</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">78,018</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">68,585</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">69,717</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Asset coverage per VRDP share at $100,000 liquidation</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="text-indent: 12px; padding-bottom: 2pt">value, end of period</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">383,255</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">$</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">359,333</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&#151;</td>
    <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>
</table><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial">
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>1</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Based on average Common Shares outstanding. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>2</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Amount is less than $(0.01) per share. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>3</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">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. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>4</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Aggregate total investment return. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>5</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Do not reflect the effect of dividends to AMPS Shareholders. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>6</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Annualized. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>7</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Interest expense, fees and amortization of offering costs relate to TOBs and/or VRDP Shares. See Note 1 and Note 7 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VRDP Shares, respectively. </TD></TR></TABLE>
<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
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<BR>
<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87><A NAME="a_018"></A>Notes to Financial Statements</FONT></P>
<P STYLE="text-align: left; font-weight: bold">1. Organization and Significant Accounting Policies:</P>
<P style="TEXT-ALIGN: left">BlackRock MuniHoldings California Quality Fund, Inc. (&#147;MUC&#148;), BlackRock MuniHoldings New Jersey Quality Fund, Inc. (&#147;MUJ&#148;), BlackRock MuniYield Investment Quality Fund (&#147;MFT&#148;), BlackRock MuniYield Michigan Quality Fund, Inc. (&#147;MIY&#148;), BlackRock MuniYield New Jersey Quality Fund, Inc. (&#147;MJI&#148;) and BlackRock MuniYield Pennsylvania Quality Fund (&#147;MPA&#148;) (collectively, the &#147;Funds&#148;), are registered under the 1940 Act as non-diversified, closed-end management investment companies. MUC, MUJ, MIY and MJI are organized as Maryland corporations. MFT and MPA are organized as Massachusetts business trusts. The Funds&#146; financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (&#147;US GAAP&#148;), which may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Boards of Directors and the Boards of Trustees of the Funds are collectively referred to throughout this report as the &#147;Board of Directors&#148; or the &#147;Board&#148;, and the directors/trustees thereof are collectively referred to throughout this report as &#147;Directors.&#148; The Funds determine and make available for publication the NAVs of their Common Shares on a daily basis.</P>
<P style="TEXT-ALIGN: left">The following is a summary of significant accounting policies followed by the Funds:</P>
<P style="TEXT-ALIGN: left"><B>Valuation:</B> US GAAP defines fair value as the price the Funds would receive to sell an asset
or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds fair value
their financial instruments at market value using independent dealers or pricing services under policies approved by the Board.
Municipal investments (including commitments to purchase such investments on a &#147;when-issued&#148; basis) are valued on the
basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services
may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market
transactions in comparable investments and information with respect to various relationships between investments. Financial futures
contracts traded on exchanges are valued at their last sale price. Investments in open-end registered investment companies are
valued at NAV each business day. Short-term securities with remaining maturities of 60 days or less may be valued at amortized
cost, which approximates fair value.</P>
<P style="TEXT-ALIGN: left">In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment or if a price is not available, the investment will be valued in accordance with a policy approved by the Board as reflecting fair value (&#147;Fair Value Assets&#148;). When determining the price for Fair Value Assets, the investment advisor and/or the sub-advisor seeks to determine the price that each Fund might reasonably expect to receive from the current sale of that asset in an arm&#146;s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.</P>
<P style="TEXT-ALIGN: left"><B>Zero-Coupon Bonds:</B> The Funds may invest in zero-coupon bonds, which are normally issued at
a significant discount from face value and do not provide for periodic interest payments. Zero-coupon bonds may experience greater
volatility in market value than similar maturity debt obligations which provide for regular interest payments.</P>
<P style="TEXT-ALIGN: left"><B>Forward Commitments and When-Issued Delayed Delivery Securities:</B> The Funds may purchase securities
on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally
occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under such conditions
with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement
date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement
than the security is worth. In addition, the Funds are not entitled to any of the interest earned prior to settlement. When purchasing
a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk
of price and yield fluctuations. In the event of default by the counterparty, the Funds&#146; maximum amount of loss is the unrealized
appreciation of unsettled when-issued transactions, which is shown in the Schedules of Investments.</P>
<P style="TEXT-ALIGN: left"><B>Municipal Bonds Transferred to TOBs:</B> The Funds leverage their assets through the use of TOBs.
A TOB is established by a third party sponsor forming a special purpose entity, into which one or more funds, or an agent on behalf
of the funds, transfers municipal bonds. Other funds managed by the investment advisor may also contribute municipal bonds to
a TOB into which a Fund has contributed bonds. A TOB typically issues two classes of beneficial interests: short-term floating
rate certificates, which are sold to third party investors, and residual certificates (&#147;TOB Residuals&#148;), which are generally
issued to the participating funds that made the transfer. The TOB Residuals held by a Fund include the right of a Fund (1) to
cause the holders of a proportional share of the short-term floating rate certificates to tender their certificates at par, including
during instances of a rise in short-term interest rates, and (2) to transfer, within seven days, a corresponding share of the
municipal bonds from the TOB to a Fund. The TOB may also be terminated without the consent of a Fund upon the occurrence of certain
events as defined in the TOB agreements. Such termination events may include the bankruptcy or default of the municipal bond,
a substantial downgrade in credit quality of the municipal bond, the inability of the TOB to obtain quarterly or annual renewal
of the liquidity support agreement, a substantial decline in market value of the municipal bond or the inability to remarket the
short-term floating rate certificates to third party investors. During the six months ended January 31, 2012, no TOBs that the
Funds participated in were terminated without the consent of the Funds.</P>
<P style="TEXT-ALIGN: left">The cash received by the TOB from the sale of the short-term floating rate certificates, less transaction expenses, is paid to a Fund in exchange for TOB trust certificates. The Funds typically invests the cash in additional municipal bonds. Each Fund&#146;s transfer of the municipal bonds to a TOB is accounted for as a secured borrowing: therefore, the municipal bonds deposited into a TOB are presented in the Funds&#146; Schedules of Investments and the TOB trust certificates are shown in other liabilities in the Statements of Assets and Liabilities.</P>
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<BR>
<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87>Notes to Financial Statements (continued)</FONT></P>
<P style="TEXT-ALIGN: left">Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by the Funds on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are shown as interest expense, fees and amortization of offering costs in the Statements of Operations. The short-term floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. At January 31, 2012, the aggregate value of the underlying municipal bonds transferred to TOBs, the related liability for TOB trust certificates and the range of interest rates on the liability for TOB trust certificates were as follows:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial">





  <tr valign=bottom>

    <TD STYLE="text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</td>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid; width: 22%; border-top: Black 1px solid"><b><b>Underlying</b> <br>
      Municipal Bonds</b><br>

<b>Transferred to TOBs</b></td>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid; width: 22%; border-top: Black 1px solid"><b>Liability<br>
      </b><b>for TOB Trust</b><b><br>
      Certificates</b></td>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid; width: 22%; border-top: Black 1px solid"><b>Range of</b><br>

<b>Interest Rates</b></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">MUC</td>
    <TD STYLE="text-align: center">&nbsp;$410,694,923</td>
    <TD STYLE="text-align: center">$199,972,247</td>
    <TD STYLE="text-align: center">0.05% &#150; 0.21%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">MUJ</td>
    <TD STYLE="text-align: center">$&nbsp;&nbsp;57,806,982</td>
    <TD STYLE="text-align: center">$&nbsp;&nbsp;28,559,240</td>
    <TD STYLE="text-align: center">0.08% &#150; 0.25%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">MFT</td>
    <TD STYLE="text-align: center">$&nbsp;&nbsp;50,601,214</td>
    <TD STYLE="text-align: center">$&nbsp;&nbsp;24,723,436</td>
    <TD STYLE="text-align: center">0.07% &#150; 0.46%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">MIY</td>
    <TD STYLE="text-align: center">$&nbsp;&nbsp;38,284,741</td>
    <TD STYLE="text-align: center">$&nbsp;&nbsp;18,395,000</td>
    <TD STYLE="text-align: center">0.08% &#150; 0.28%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">MJI</td>
    <TD STYLE="text-align: center">$&nbsp;&nbsp;23,987,975</td>
    <TD STYLE="text-align: center">$&nbsp;&nbsp;11,703,052</td>
    <TD STYLE="text-align: center">0.08% &#150; 0.25%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">MPA</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$&nbsp;&nbsp;76,446,640</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$&nbsp;&nbsp;36,094,905</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center">0.08% &#150; 0.41%</td>
  </tr>
</table><BR>
<P style="TEXT-ALIGN: left">For the six months ended January 31, 2012, the Funds&#146; average TOB trust certificates outstanding and the daily weighted average interest rate, including fees, were as follows:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">





  <tr valign=bottom>

    <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1px solid; text-align: center; width: 22%; border-top: Black 1px solid; vertical-align: bottom">
<b>Average TOB <br>
      Trust Certificates<br>
      Outstanding</b>
</td>
    <TD STYLE="border-bottom: Black 1px solid; text-align: center; width: 22%; border-top: Black 1px solid"><b>Daily Weighted Average<br>
      Interest Rate</b></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">MUC</td>
    <TD STYLE="text-align: center; vertical-align: bottom">$188,288,771</td>
    <TD STYLE="text-align: center">0.65%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">MUJ</td>
    <TD STYLE="text-align: center; vertical-align: bottom">$&nbsp;&nbsp;18,710,204</td>
    <TD STYLE="text-align: center">0.60%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">MFT</td>
    <TD STYLE="text-align: center; vertical-align: bottom">$&nbsp;&nbsp;18,448,607</td>
    <TD STYLE="text-align: center">0.74%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">MIY</td>
    <TD STYLE="text-align: center; vertical-align: bottom">$&nbsp;&nbsp;16,546,277</td>
    <TD STYLE="text-align: center">0.61%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">MJI</td>
    <TD STYLE="text-align: center; vertical-align: bottom">$&nbsp;&nbsp;&nbsp;&nbsp;7,074,727</td>
    <TD STYLE="text-align: center">0.60%</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">MPA</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center; vertical-align: bottom">$&nbsp;&nbsp;35,030,449</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center">0.75%</td>
  </tr>
</table><BR>
<P style="TEXT-ALIGN: left">Should short-term interest rates rise, the Funds&#146; investments in TOBs may adversely affect the Funds&#146; net investment income and dividends to Common Shareholders. Also, fluctuations in the market values of municipal bonds deposited into the TOB may adversely affect the Funds&#146; NAVs per share.</P>
<P style="TEXT-ALIGN: left"><B>Segregation and Collateralization:</B> In cases in which the 1940 Act and the interpretive positions
of the Securities and Exchange Commission (&#147;SEC&#148;) require that the Funds either deliver collateral or segregate assets
in connection with certain investments (e.g., financial futures contracts), the Funds will, consistent with SEC rules and/or certain
interpretive letters issued by the SEC, segregate collateral or designate on their books and records cash or liquid securities
having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore,
based on requirements and agreements with certain exchanges and third party broker-dealers, each party to such transactions has
requirements to deliver/deposit securities as collateral for certain investments.</P>
<P style="TEXT-ALIGN: left"><B>Investment Transactions and Investment Income:</B> For financial reporting purposes, investment
transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment
transactions are determined on the identified cost basis.</P>
<P style="TEXT-ALIGN: left">Dividend income is recorded on the ex-dividend dates. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on the accrual basis.</P>
<P style="TEXT-ALIGN: left"><B>Dividends and Distributions:</B> Dividends from net investment income are declared and paid monthly.
Distributions of capital gains are recorded on the ex-dividend dates. The amount and timing of dividends and distributions are
determined in accordance with federal income tax regulations, which may differ from US GAAP. Dividends and distributions to Preferred
Shareholders are accrued and determined as described in Note 7.</P>
<P style="TEXT-ALIGN: left"><B>Income Taxes:</B> It is each Fund&#146;s policy to comply with the requirements of the Internal
Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of its taxable
income to its shareholders. Therefore, no federal income tax provision is required.</P>
<P style="TEXT-ALIGN: left">Each Fund files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Funds&#146; US federal tax returns remains open for each of the following periods:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1px solid; border-top: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 22%; text-align: center; border-top: Black 1pt solid"><B>Year Ended</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-indent: 12px; width: 22%; text-align: left; border-top: Black 1pt solid">&nbsp;&nbsp;&nbsp;<B>Period</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MUC</TD>
     <TD STYLE="text-align: center">July 31, 2011</TD>
     <TD STYLE="text-align: left">July 1, 2009 to</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: center">July 31, 2010</TD>
     <TD STYLE="text-align: left">July 31, 2009</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: center">June 30, 2009</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">June 30, 2008</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MUJ</TD>
     <TD STYLE="text-align: center">July 31, 2011</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: center">July 31, 2010</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: center">July 31, 2009</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">July 31, 2008</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MFT</TD>
     <TD STYLE="text-align: center">July 31, 2011</TD>
     <TD STYLE="text-align: left">November 1, 2007</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: center">July 31, 2010</TD>
     <TD STYLE="text-align: left">to July 31, 2008</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">July 31, 2009</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR>
     <TD COLSPAN="3">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MIY</TD>
     <TD STYLE="text-align: center">July 31, 2011</TD>
     <TD STYLE="text-align: left">November 1, 2007</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: center">July 31, 2010</TD>
     <TD STYLE="text-align: left">to July 31, 2008</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">July 31, 2009</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MJI</TD>
     <TD STYLE="text-align: center">July 31, 2011</TD>
     <TD STYLE="text-align: left">November 1, 2007</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: center">July 31, 2010</TD>
     <TD STYLE="text-align: left">to July 31, 2008</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">July 31, 2009</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MPA</TD>
     <TD STYLE="text-align: center">July 31, 2011</TD>
     <TD STYLE="text-align: left">November 1, 2007</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: center">July 31, 2010</TD>
     <TD STYLE="text-align: left">to July 31, 2008</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">July 31, 2009</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left">The statutes of limitations on each Fund&#146;s state and local tax returns may remain open for an additional year depending upon the jurisdiction. Management does not believe there are any uncertain tax positions that require recognition of a tax liability.</P>
<P style="TEXT-ALIGN: left"><B>Recent Accounting Standards:</B> In May 2011, the Financial Accounting Standards Board (the&#148;FASB&#148;)
issued amended guidance to improve disclosure about fair value measurements which will require the following disclosures for fair
value measurements categorized as Level 3: quantitative information about the unobservable inputs and assumptions used in the
fair value measurement, a description of the valuation policies and procedures and a narrative description of the sensitivity
of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs.
In addition, the amounts and reasons for all transfers in and out of Level 1 and Level 2 will be required to be disclosed. The
amended guidance is effective for financial statements for</P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<BR>
<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87>Notes to Financial Statements (continued)</FONT></P>
<P style="TEXT-ALIGN: left">fiscal years beginning after December 15, 2011, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Funds&#146; financial statement disclosures.</P>
<P style="TEXT-ALIGN: left">In December 2011, the FASB issued guidance that will expand current disclosure requirements on the offsetting of certain assets and liabilities. The new disclosures will be required for investments and derivative financial instruments subject to master netting or similar agreements which are eligible for offset in the Statements of Assets and Liabilities and will require an entity to disclose both gross and net information about such investments and transactions in the financial statements. The guidance is effective for financial statements with fiscal years beginning on or after January 1, 2013, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Funds&#146; financial statement disclosures.</P>
<P style="TEXT-ALIGN: left"><B>Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan:</B> Under the
deferred compensation plan approved by each Fund&#146;s Board, independent Directors (&#147;Independent Directors&#148;) may defer
a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts
had been invested in common shares of certain other BlackRock Closed-End Funds selected by the Independent Directors. This has
approximately the same economic effect for the Independent Directors as if the Independent Directors had invested the deferred
amounts directly in certain other BlackRock Closed-End Funds.</P>
<P style="TEXT-ALIGN: left">The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Fund. Each Fund may, however, elect to invest in common shares of certain other BlackRock Closed-End Funds selected by the Independent Directors in order to match its deferred compensation obligations. Investments to cover each Fund&#146;s deferred compensation liability, if any, are included in other assets in the Statements of Assets and Liabilities. Dividends and distributions from the BlackRock Closed-End Fund investments under the plan are included in income &#151; affiliated in the Statements of Operations.</P>
<P style="TEXT-ALIGN: left"><B>Offering Costs:</B> The Funds incurred costs in connection with its issuance of VRDP Shares
and VMTP Shares. For VRDP Shares, these costs were recorded as a deferred charge and will be amortized over the 30-year life
of the VRDP Shares with the exception of upfront fees paid to the liquidity provider which are amortized over the life of the
liquidity agreement. For VMTP Shares, these costs were recorded as a deferred charge and will be amortized over the 3-year
life of the VMTP Shares. Amortization of these costs is included in interest expense, fees and amortization of offering costs
in the Statements of Operations.</P>
<P style="TEXT-ALIGN: left"><B>Other:</B> Expenses directly related to a Fund are charged to that Fund. Other operating expenses
shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods.</P>
<P style="TEXT-ALIGN: left">The Funds have an arrangement with the custodian whereby fees may be reduced by credits earned on uninvested cash balances, which, if applicable, are shown as fees paid indirectly in the Statements of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.</P>
<P style="TEXT-ALIGN: left"><B>2. Derivative Financial Instruments:</B></P>
<P style="TEXT-ALIGN: left">The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and to economically hedge, or protect, their exposure to certain risks such as interest rate risk. These contracts may be transacted on an exchange.</P>
<P style="TEXT-ALIGN: left">Losses may arise if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument or if the counterparty does not perform under the contract. Counterparty risk related to exchange-traded financial futures contracts is deemed to be minimal due to the protection against defaults provided by the exchange on which these contracts trade.</P>
<P style="TEXT-ALIGN: left"><B>Financial Futures Contracts:</B> The Funds purchase or sell financial futures contracts and options
on financial futures contracts to gain exposure to, or economically hedge against, changes in interest rates (interest rate risk).
Financial futures contracts are agreements between the Funds and counterparty to buy or sell a specific quantity of an underlying
instrument at a specified price and at a specified date. Depending on the terms of the particular contract, futures contracts
are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement
amount on the settlement date. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash
equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded
by the Funds as unrealized appreciation or depreciation. When the contract is closed, the Funds record a realized gain or loss
equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The
use of financial futures contracts involves the risk of an imperfect correlation in the movements in the price of financial futures
contracts, interest rates and the underlying assets.</P>
<P style="TEXT-ALIGN: left"><B>Derivative Financial Instruments Categorized by Risk Exposure:</B></P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%; margin-bottom: 6pt">

  <tr valign=bottom>

    <TD COLSPAN="7" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><b>Fair Values of Derivative Financial Instruments as of January 31, 2012</b></td>
  </tr>

  <tr valign=bottom>

    <td style="BORDER-BOTTOM: #000000 1px solid" align=center colspan="7"><b>Liability Derivatives</b></td>
  </tr>









  <tr valign=bottom>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD ROWSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; height: 14px"><b>Statements of Assets</b><br>

<b>and Liabilities Location</b></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center; height: 14px"><b>MUC</b></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center; height: 14px"><b>MUJ</b></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center; height: 14px"><b>MFT</b></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-indent: 4px; text-align: center; height: 14px"><b>MIY</b></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-indent: 4px; text-align: center; height: 14px"><b>MJI</b></td>
  </tr>
  <tr valign=bottom>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD COLSPAN="5" STYLE="border-bottom: #000000 1px solid; text-align: center"><b>Value</b></td>
  </tr>


  <tr valign=bottom>

    <TD NOWRAP STYLE="border-bottom: #000000 1px solid; text-align: left">Interest rate contracts</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center">Net unrealized <BR>
appreciation/depreciation<sup>1 </sup></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$ (131,393)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$ (70,076)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$ (75,332)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$ (61,317)</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$ (26,279)</td>
  </tr>
</table>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial">
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>1</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">Includes cumulative appreciation/depreciation on financial futures contracts as reported in the Schedules of Investments. Only current day&#146;s margin variation is reported within the Statements of Assets and Liabilities. </TD></TR></TABLE>
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<BR>
<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87>Notes to Financial Statements (continued)</FONT></P>
<table style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellpadding=0 cellspacing=0 width="100%">

  <tr valign=bottom>

    <TD COLSPAN="19" STYLE="text-align: center; border-top: Black 1pt solid"><b>The Effect of Derivative Financial Instruments in the Statements of Operations</b></td>
  </tr>

  <tr valign=bottom>

    <td style="BORDER-BOTTOM: #000000 1px solid" align=center colspan="19"><b>Six Months Ended January 31, 2012</b></td>
  </tr>

  <tr valign=bottom>

    <td style="BORDER-BOTTOM: #000000 1px solid" align=center colspan="19"><b>Net Realized Gain (Loss) From</b></td>
  </tr>

  <tr valign=bottom>

    <td align=center>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" colspan=3 align=center><b>MUC</b></td>
    <td style="BORDER-BOTTOM: #000000 1px solid" colspan=3 align=center><b>MUJ</b></td>
    <td style="BORDER-BOTTOM: #000000 1px solid" colspan=3 align=center><b>MFT</b></td>
    <td style="BORDER-BOTTOM: #000000 1px solid" colspan=3 align=center><b>MIY</b></td>
    <td style="BORDER-BOTTOM: #000000 1px solid" colspan=3 align=center><b>MJI</b></td>
    <td style="BORDER-BOTTOM: #000000 1px solid" colspan=3 align=center><b>MPA</b></td>
  </tr>

  <tr valign=bottom>

    <td align=left>Interest rate contracts:</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD NOWRAP STYLE="border-bottom: #000000 1px solid; text-indent: 12px; text-align: left">Financial futures contracts</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>57,264</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(580,515</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(159,513</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(513,621</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(250,201</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(532,893</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" COLSPAN="19" STYLE="border-bottom: #000000 1px solid; text-align: center"><b>Net Change in Unrealized Appreciation/Depreciation on</b></td>
  </tr>

  <tr valign=bottom>

    <TD ALIGN="LEFT" STYLE="text-align: center">&nbsp;</td>
    <TD COLSPAN="3" ALIGN="LEFT" STYLE="border-bottom: #000000 1px solid; text-align: center"><b>MUC</b></td>
    <TD COLSPAN="3" ALIGN="CENTER" STYLE="border-bottom: #000000 1px solid; text-align: center"><b>MUJ</b></td>
    <TD COLSPAN="3" ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center"><b>MFT</b></td>
    <TD COLSPAN="3" ALIGN="LEFT" STYLE="border-bottom: #000000 1px solid; text-align: center"><b>MIY</b></td>
    <TD COLSPAN="3" ALIGN="LEFT" STYLE="border-bottom: #000000 1px solid; text-align: center"><b>MJI</b></td>
    <TD COLSPAN="3" ALIGN="LEFT" STYLE="border-bottom: #000000 1px solid; text-align: center"><b>MPA</b></td>
  </tr>

  <tr valign=bottom>

    <td align=left>Interest rate contracts:</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="BORDER-BOTTOM: #000000 1px solid; text-indent: 12px" align=left>Financial futures contracts</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>(131,393</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>)</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>274,887</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>21,991</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>250,115</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>126,193</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>$</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right>227,086</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</td>
  </tr>

<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="19" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="19" STYLE="border-bottom: #000000 1px solid; text-align: left">For the six months ended January 31, 2012, the average quarterly balances of outstanding derivative financial instruments were as follows:</TD></TR>
<tr valign=bottom>

    <TD STYLE="text-align: left; text-align: center">&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; text-align: center"><b>MUC</b></td>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: right; text-align: center"><b>MUJ</b></td>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: right; text-align: center"><b>MFT</b></td>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: right; text-align: center"><b>MIY</b></td>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: right; text-align: center"><b>MJI</b></td>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1px solid; text-align: right; text-align: center"><b>MPA</b></td>
  </tr>

  <tr valign=bottom>

    <td style="text-align: left">Financial futures contracts:</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-indent: 12px; text-align: left">Average number of contracts purchased</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&#151;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&#151;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&#151;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&#151;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&#151;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">55</td>
    <td style="text-align: right">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-indent: 12px; text-align: left">Average number of contracts sold</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">38</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">20</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">22</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">18</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">8</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&#151;</td>
    <td style="text-align: right">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td nowrap style="text-indent: 12px; text-align: left">Average notional value of contracts purchased</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&#151;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&#151;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&#151;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&#151;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&#151;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">$</td>
    <td style="text-align: right">7,145,547</td>
    <td style="text-align: right">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="border-bottom: #000000 1px solid; text-indent: 12px; text-align: left">Average notional value of contracts sold</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">$</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">4,959,375</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">$</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">2,645,000</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">$</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">2,843,375</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">$</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">2,314,375</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">$</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">991,875</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
  </tr>
</table><BR>

<P STYLE="text-align: left; margin-top: 6pt"><B>3. Investment Advisory Agreement and Other Transactions with Affiliates:</B></P>
<P style="TEXT-ALIGN: left">The PNC Financial Services Group, Inc. (&#147;PNC&#148;) and Barclays Bank PLC (&#147;Barclays&#148;) are the largest stockholders of BlackRock, Inc. (&#147;BlackRock&#148;). Due to the ownership structure, PNC is an affiliate for 1940 Act purposes, but Barclays is not.</P>
<P style="TEXT-ALIGN: left">Each Fund entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the &#147;Manager&#148;), the Funds&#146; investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible for the management of each Fund&#146;s portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of each Fund. For such services, each Fund pays the Manager a monthly fee based on a percentage of each Fund&#146;s average daily net assets at the following annual rates:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="border-top: Black 1pt solid; text-align: left">MUC</TD>
     <TD STYLE="width: 1%; text-align: right; border-top: Black 1pt solid">0.55</TD>
     <TD STYLE="width: 2%; text-align: left; border-top: Black 1pt solid">%</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MUJ</TD>
     <TD STYLE="text-align: right">0.55</TD>
     <TD STYLE="text-align: left">%</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MFT</TD>
     <TD STYLE="text-align: right">0.50</TD>
     <TD STYLE="text-align: left">%</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MIY</TD>
     <TD STYLE="text-align: right">0.50</TD>
     <TD STYLE="text-align: left">%</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MJI</TD>
     <TD STYLE="text-align: right">0.50</TD>
     <TD STYLE="text-align: left">%</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">MPA</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.50</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">%</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left">Average daily net assets are the average daily value of each Fund&#146;s total assets minus the sum of its accrued liabilities.</P>
<P style="TEXT-ALIGN: left">The Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds. However, the Manager does not waive its investment advisory fees by the amount of investment advisory fees paid in connection with each Fund&#146;s investment in other affiliated investment companies, if any. These amounts are shown as, or included in, fees waived by advisor in the Statements of Operations.</P>
<P style="TEXT-ALIGN: left">For the six months ended January 31, 2012, the amounts waived were as follows:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="border-top: Black 1pt solid; text-align: left">MUC</TD>
     <TD STYLE="width: 1%; text-align: left; border-top: Black 1pt solid">$</TD>
     <TD STYLE="width: 2%; text-align: right; border-top: Black 1pt solid">6,839</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MUJ</TD>
     <TD STYLE="text-align: left">$</TD>
     <TD STYLE="text-align: right">12,389</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MFT</TD>
     <TD STYLE="text-align: left">$</TD>
     <TD STYLE="text-align: right">1,361</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MIY</TD>
     <TD STYLE="text-align: left">$</TD>
     <TD STYLE="text-align: right">653</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MJI</TD>
     <TD STYLE="text-align: left">$</TD>
     <TD STYLE="text-align: right">5,327</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">MPA</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">$</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1,053</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left">The Manager, for MUC and MUJ, voluntarily agreed to waive its investment advisory fee on the proceeds of the Preferred Shares and TOBs that exceed 35% of total assets minus the sum of its accrued liabilities. These amounts are included in fees waived by advisor in the Statements of Operations. For the six months ended January 31, 2012 the waivers were:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="border-top: Black 1pt solid; text-align: left">MUC</TD>
     <TD STYLE="border-top: Black 1pt solid; text-align: right; width: 1%">$</TD>
     <TD STYLE="border-top: Black 1pt solid; text-align: right; width: 2%">317,178</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">MUJ</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">46,035</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left">The Manager entered into a sub-advisory agreement with BlackRock Investment Management, LLC (&#147;BIM&#148;), an affiliate of the Manager. The Manager pays BIM, for services it provides, a monthly fee that is a percentage of the investment advisory fees paid by each Fund to the Manager.</P>
<P style="TEXT-ALIGN: left">Certain officers and/or Directors of the Funds are officers and/or directors of BlackRock or its affiliates. The Funds reimburse the Manager for compensation paid to the Funds&#146; Chief Compliance Officer.</P>
<P style="TEXT-ALIGN: left"><B>4. Investments:</B></P>
<P style="TEXT-ALIGN: left">Purchases and sales of investments excluding short-term securities for the six months ended January 31, 2012 were as follows:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right"><B>Purchases&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right"><B>Sales&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MUC</TD>
     <TD STYLE="text-align: right; width: 5%">$</TD>
     <TD STYLE="text-align: right; width: 15%">258,109,776</TD>
     <TD STYLE="text-align: right; width: 5%">$</TD>
     <TD STYLE="text-align: right; width: 15%">247,686,913</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MUJ</TD>
     <TD STYLE="text-align: right">$</TD>
     <TD STYLE="text-align: right">64,735,344</TD>
     <TD STYLE="text-align: right">$</TD>
     <TD STYLE="text-align: right">49,760,624</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MFT</TD>
     <TD STYLE="text-align: right">$</TD>
     <TD STYLE="text-align: right">43,194,406</TD>
     <TD STYLE="text-align: right">$</TD>
     <TD STYLE="text-align: right">34,196,818</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MIY</TD>
     <TD STYLE="text-align: right">$</TD>
     <TD STYLE="text-align: right">61,053,447</TD>
     <TD STYLE="text-align: right">$</TD>
     <TD STYLE="text-align: right">59,105,759</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MJI</TD>
     <TD STYLE="text-align: right">$</TD>
     <TD STYLE="text-align: right">33,798,815</TD>
     <TD STYLE="text-align: right">$</TD>
     <TD STYLE="text-align: right">25,359,387</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">MPA</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">43,201,442</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">38,675,815</TD></TR></TABLE><BR>
<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">JANUARY 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87>Notes to Financial Statements (continued)</FONT></P>
<P style="TEXT-ALIGN: left"><B>5. Income Tax Information:</B></P>
<P style="TEXT-ALIGN: left">As of July 31, 2011, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; margin-bottom: 12pt; width: 100%">

  <tr valign=bottom>

    <td style="border-bottom: Black 1px solid; border-top: Black 1pt solid; text-align: left"><b>Expires July 31,</b></td>
    <td colspan="3" style="border-bottom: Black 1px solid; border-top: Black 1pt solid; text-align: center"><b>MUC</b></td>
    <td style="border-bottom: Black 1px solid; border-top: Black 1pt solid; text-align: center" colspan="3"><b>MUJ</b></td>
    <td colspan="3" style="border-bottom: Black 1px solid; border-top: Black 1pt solid; text-align: center"><b>MFT</b></td>
    <td colspan="3" style="border-bottom: Black 1px solid; border-top: Black 1pt solid; text-align: center"><b>MIY</b></td>
    <td style="border-bottom: Black 1px solid; border-top: Black 1pt solid; text-align: center" colspan="3"><b>MJI</b></td>
    <td colspan="3" style="border-bottom: Black 1px solid; border-top: Black 1pt solid; text-align: center"><b>MPA</b></td>
  </tr>


  <tr valign=bottom>

    <TD STYLE="text-align: left">2012</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">$</td>
    <TD STYLE="text-align: right">1,910,577</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">$</td>
    <TD STYLE="text-align: right">3,826,164</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&#151;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-align: left">2016</td>
    <td style="text-align: right">$</td>
    <td style="text-align: right">2,097,897</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&#151;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">659,619</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">1,689,814</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&#151;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&#151;</td>
    <td style="text-align: right">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-align: left">2017</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">8,756,104</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&#151;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">993,919</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">2,031,132</td>
    <td style="text-align: right">&nbsp;&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&#151;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">$</td>
    <td style="text-align: right">2,948,179</td>
    <td style="text-align: right">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-align: left">2018</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&#151;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&#151;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">6,354,819</td>
    <td style="text-align: right">&nbsp;&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&#151;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&#151;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">893,908</td>
    <td style="text-align: right">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-align: left">2019</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: left">$</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">566,673</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: left">$</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">341,211</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">50,303</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
  </tr>


  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt"><b>Total</b></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">10,854,001</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">566,673</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">9,918,934</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">7,547,110</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">341,211</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">3,892,390</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
  </tr>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="19" STYLE="text-align: left; padding-bottom: 3pt"><P style="TEXT-ALIGN: left">Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Funds after July 31, 2011 will not be subject to expiration. In addition, any such losses must be utilized prior to the losses incurred in pre-enactment taxable years.</P>
<P style="TEXT-ALIGN: left">As of January 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:</P>
</TD></TR>
<tr valign=bottom>

    <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid">&nbsp;</td>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><b>MUC</b></td>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><b>MUJ</b></td>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><b>MFT</b></td>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><b>MIY</b></td>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><b>MJI</b></td>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><b>MPA</b></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Tax cost</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">819,562,154</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">471,207,007</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">164,576,429</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">400,193,303</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">189,887,722</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">235,768,632</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-align: left">Gross unrealized appreciation</td>
    <td style="text-align: right">$</td>
    <td style="text-align: right">72,597,344</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right">$</td>
    <td style="text-align: right">43,707,903</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">$</td>
    <td style="text-align: right">18,813,971</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">$</td>
    <td style="text-align: right">31,755,611</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">$</td>
    <td style="text-align: right">15,847,552</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">$</td>
    <td style="text-align: right">19,059,579</td>
    <td style="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td nowrap style="text-align: left">Gross unrealized depreciation</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&#151;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">(933,686</td>
    <td style="border-bottom: #000000 1px solid; text-align: left">)</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">(64,652</td>
    <td style="border-bottom: #000000 1px solid; text-align: left">)</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">(1,228,241</td>
    <td style="border-bottom: #000000 1px solid; text-align: left">)</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">(919,529</td>
    <td style="border-bottom: #000000 1px solid; text-align: left">)</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right">(16,069</td>
    <td style="border-bottom: #000000 1px solid; text-align: left">)</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt">Net unrealized appreciation</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">72,597,344</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">42,774,217</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">18,749,319</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">30,527,370</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">14,928,023</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">$</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">19,043,510</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
  </tr>
</table><BR>

<P style="TEXT-ALIGN: left"><B>6. Concentration, Market and Credit Risk:</B></P>
<P style="TEXT-ALIGN: left">MUC, MUJ, MIY and MPA invest a substantial amount of their assets in issuers located in a single state or limited number of states. Please see the Schedules of Investments for concentrations in specific states.</P>
<P style="TEXT-ALIGN: left">Many municipalities insure repayment of their bonds, which may reduce the potential for loss due to credit risk. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligation.</P>
<P style="TEXT-ALIGN: left">In the normal course of business, the Funds invest in securities and enter into transactions
where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its
obligations (issuer credit risk). The value of securities held by the Funds may decline in response to certain events,
including those directly involving the issuers whose securities are owned by the Funds; conditions affecting the general
economy; overall market changes; local, regional or global political, social or economic instability; and currency and
interest rate and price fluctuations. Similar to issuer credit risk, the Funds may be exposed to counter-party credit risk,
or the risk that an entity with which the Funds have unsettled or open transactions may fail to or be unable to perform on
its commitments. The Funds manage counterparty credit risk by entering into transactions only with counterparties that they
believe have the financial resources to honor their obligations and by monitoring the financial stability of those
counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist
principally of financial instruments and receivables due from counterparties. The extent of the Funds&#146; exposure to
market, issuer and counter-party credit risks with respect to these financial assets is generally approximated by their value
recorded in the Funds&#146; Statements of Assets and Liabilities, less any collateral held by the Funds.</P>
<P style="TEXT-ALIGN: left">As of January 31, 2012, MUC invested a significant portion of its assets in securities in the County/City/Special District/School District and Utilities sectors. MUJ and MJI invested a significant portion of their assets in securities in the State sector. MFT invested a significant portion of its assets in the County/City/Special District/School District, Transportation and Utilities sectors. MIY invested a significant portion of its assets in securities in the County/City/Special District/School District sector. MPA invested a significant portion of its assets in securities in the County/City/Special District/School District and State sectors. Changes in economic conditions affecting the County/City/Special District/School District, State, Transportation and Utilities sectors would have a greater impact on the Funds and could affect the value, income and/or liquidity of positions in such securities.</P>
<P style="TEXT-ALIGN: left"><B>7. Capital Share Transactions:</B></P>
<P style="TEXT-ALIGN: left">MFT and MPA are authorized to issue an unlimited number of Common Shares of beneficial interest, par value $0.10 per share together with 1 million Preferred Shares of beneficial interest, par value $0.05 per share. Each Fund&#146;s Board is authorized, however, to reclassify any unissued shares of Common Shares without approval of Common Shareholders.</P>
<P style="TEXT-ALIGN: left">MUC, MUJ, MIY and MJI are authorized to issue 200 million shares, par value $0.10 per share or $0.05 per share, all of which were initially classified as Common Shares. Each Fund&#146;s Board is authorized, however, to reclassify any unissued shares of Common Shares without approval of Common Shareholders.</P>
<P style="TEXT-ALIGN: left"><B>Common Shares</B></P>
<P style="TEXT-ALIGN: left">For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:</P>
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<BR>
<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87>Notes to Financial Statements (continued)</FONT></P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%; margin-bottom: 12pt">
<TR vAlign=bottom>
     <TD STYLE="width: 70%; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD ROWSPAN="2" NOWRAP STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid; width: 15%; vertical-align: bottom; padding-right: 9pt"><B>Six Months Ended</B><BR>
<B>January 31, 2012</B></TD>
     <TD ROWSPAN="2" NOWRAP STYLE="border-bottom: Black 1px solid; text-align: center; width: 15%; border-top: Black 1pt solid"><B>Year Ended</B><BR>
<B>July 31, 2011</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MUJ</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">10,454</TD>
     <TD STYLE="text-align: right">12,381</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MFT</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;&nbsp;3,674</TD>
     <TD STYLE="text-align: right">6,451</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MIY</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">11,314</TD>
     <TD STYLE="text-align: right">&#151;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MJI</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;&nbsp;8,599</TD>
     <TD STYLE="text-align: right">24,556</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">MPA</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; vertical-align: bottom">&nbsp;&nbsp;7,197</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">5,736</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left">Shares issued and outstanding remained constant for MUC for the six months ended January 31, 2012 and the year ended July&nbsp;31, 2011.</P>
<P style="TEXT-ALIGN: left"><B>Preferred Shares</B></P>
<P style="TEXT-ALIGN: left">Each Fund&#146;s Preferred Shares rank prior to the Fund&#146;s Common Shares as to the payment of dividends by the Funds and distribution of assets upon dissolution or liquidation of the Funds. The 1940 Act prohibits the declaration of any dividend on the Fund&#146;s Common Shares or the repurchase of the Fund&#146;s Common Shares if the Funds fail to maintain the asset coverage of at least 200% of the liquidation preference of the outstanding Preferred Shares. In addition, pursuant to the Preferred Shares&#146; governing instrument, the Funds are restricted from declaring and paying dividends on classes of shares ranking junior to or on parity with the Preferred Shares or repurchasing such shares if the Funds fail to declare and pay dividends on the Preferred Shares, redeem any Preferred Shares required to be redeemed under the Preferred Shares governing instrument or comply with the basic maintenance amount requirement of the rating agencies then rating the Preferred Shares.</P>
<P style="TEXT-ALIGN: left">The holders of Preferred Shares have voting rights equal to the holders of Common Shares (one vote per share) and will vote together with holders of Common Shares (one vote per share) as a single class. However, the holders of Preferred Shares, voting as a separate class, are also entitled to elect two Directors for the Funds. In addition, the 1940 Act requires that along with approval by shareholders that might otherwise be required, the approval of the holders of a majority of any outstanding Preferred Shares, voting separately as a class would be required to (a) adopt any plan of reorganization that would adversely affect the Preferred Shares, (b) change a Fund&#146;s sub-classification as a closed-end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.</P>
<P style="TEXT-ALIGN: left"><B>VRDP Shares</B></P>
<P style="TEXT-ALIGN: left">MUJ, MIY, MJI and MPA (collectively, the &#147;VRDP Funds&#148;), have issued Series W-7 VRDP Shares, $100,000 liquidation value per share, in a privately negotiated offering. The VRDP Shares were offered to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933 and include a liquidity feature that allows the holders of VRDP Shares to have their shares purchased by the liquidity provider in the event of a failed remarketing. The VRDP Funds are required to redeem the VRDP Shares owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Upon the occurrence of an unsuccessful remarketing, the VRDP Funds are required to segregate liquid assets to fund the redemption. The VDRP shares are subject to certain restrictions on transfer.</P>
<P style="TEXT-ALIGN: left">The VRDP Shares issued for the year ended July 31, 2011 were as follows:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="width: 18%; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><B>Issue</B><BR>
<B>Date</B></TD>
     <TD STYLE="width: 18%; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><B>Shares</B><BR>
<B>Issued</B></TD>
     <TD STYLE="width: 18%; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><B>Aggregate</B><BR>
<B>Principal</B></TD>
     <TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: center; border-top: Black 1pt solid"><B>Maturity</B><BR>
<B>Date</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MUJ</TD>
     <TD STYLE="text-align: center">6/30/11</TD>
     <TD STYLE="text-align: center">1,727</TD>
     <TD STYLE="text-align: center">$172,700,000</TD>
     <TD STYLE="text-align: center">7/01/41</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MIY</TD>
     <TD STYLE="text-align: center">6/30/11</TD>
     <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;644</TD>
     <TD STYLE="text-align: center">$144,650,000</TD>
     <TD STYLE="text-align: center">7/01/41</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MJI</TD>
     <TD STYLE="text-align: center">4/21/11</TD>
     <TD STYLE="text-align: center">1,446</TD>
     <TD STYLE="text-align: center">$&nbsp;&nbsp;64,475,000</TD>
     <TD STYLE="text-align: center">5/01/41</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">MPA</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">5/19/11</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;&nbsp;663</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$&nbsp;&nbsp;66,350,000</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">6/01/41</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left">The VRDP Funds entered into a fee agreement with the liquidity providers that required an initial commitment and a per annum liquidity fee to be paid to the liquidity providers. These fees are shown as liquidity fees in the Statements of Operations.</P>
<P style="TEXT-ALIGN: left">The fee agreement between the VRDP Funds and the respective liquidity providers is for a 1 year term and is scheduled to expire on April 18, 2012 for MJI, May 18, 2012 for MPA and June 29, 2012 for MUJ and MIY unless renewed or terminated in advance. In the event the fee agreement is not renewed or is terminated in advance, and the VRDP Funds do not enter into a fee agreement with an alternate liquidity provider, the VRDP Shares will be subject to mandatory purchase by the liquidity provider prior to the termination of the fee agreement. The VRDP Funds are required to redeem any VRDP Shares purchased by the liquidity providers six months after the purchase date. Immediately after the purchase of any VRDP Shares by the liquidity providers, the VRDP Funds are required to begin to segregate liquid assets with the VRDP Fund&#146;s custodian to fund the redemption. There is no assurance the VRDP Funds will replace such redeemed VRDP Shares with any other preferred shares or other form of leverage.</P>
<P style="TEXT-ALIGN: left">Each VRDP Fund is required to redeem its VRDP Shares on the maturity date unless earlier redeemed or repurchased. Six months prior to the maturity date, each VRDP Fund is required to begin to segregate liquid assets with the Fund&#146;s custodian to fund the redemption. In addition, VRDP Funds are required to redeem certain of their outstanding VRDP Shares if they fail to maintain certain asset coverage, basic maintenance amount or leverage requirements.</P>
<P style="TEXT-ALIGN: left">Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of the VRDP Funds. The redemption price per VRDP Share is equal to the liquidation value per share plus any outstanding unpaid dividends. In the event of an optional redemption of VRDP Shares prior to the initial termination date of the fee agreement, the VRDP Funds must pay the respective liquidity provider fees on such redeemed VRDP Shares for the remaining term of the fee agreement up to the initial termination date.</P>
<P style="TEXT-ALIGN: left">Dividends on the VRDP Shares are payable monthly at a variable rate set weekly by the remarketing agent. Such dividend rates are generally based upon a spread over a base rate and cannot exceed a maximum rate as discussed below. In the event of a failed remarketing, the dividend rate of the VRDP Shares will be reset to a maximum rate. The maximum rate is determined based on, among other things, the long-term preferred share rating assigned to the VRDP Shares and the length of time that the VRDP Shares fail to be remarketed. At the date of issuance, the VRDP Shares were assigned a long-term rating of Aaa from Moody&#146;s and AAA from Fitch. Moody&#146;s has announced a review of its rating methodologies with respect to investment company securities, and any amendments to its rating methodologies may adversely affect Moody&#146;s current long-term ratings of the VRDP Shares.</P>
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<BR>
<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"> <FONT color=#394c87>Notes to Financial Statements (continued)</FONT></P>
<P style="text-align: left;"> The short-term ratings on the VRDP Shares are directly related to the short-term ratings of the liquidity providers. Changes in the credit quality of the liquidity providers could cause a change in the short-term credit ratings of the VRDP Shares. Although not directly correlated, a change in the short-term credit rating of the VRDP Shares may adversely affect the dividend rate paid on such shares. As of January 31, 2012 the short-term ratings of the liquidity providers and the VRDP Shares are P-1/F-1 and P-1/F-1 as rated by Moody&#146;s and Fitch, respectively. The liquidity providers may be terminated prior to the scheduled termination date if the liquidity providers fail to maintain short-term debt ratings in one of the two highest rating categories. Moody&#146;s has placed the liquidity providers and the short-term ratings of the VRDP Shares on review for possible downgrade.</P>
<P style="text-align: left;"> For financial reporting purposes, VRDP shares are considered debt of the issuer; therefore, the liquidation value of VRDP Shares is recorded as a liability in the Statements of Assets and Liabilities. Unpaid dividends are included in interest expense and fees payable in the Statements of Assets and Liabilities, and the dividends paid on the VRDP Shares are included as a component of interest expense, fees and amortization of offering costs in the Statements of Operations. VRDP shares are treated as equity for tax purposes. Dividends paid to holders of VRDP Shares are generally classified as tax-exempt income for tax-reporting purposes.</P>
<P style="text-align: left;"> The VRDP Funds pay commissions of 0.10% on the aggregate principal amount of all VRDP Shares, which are included in remarketing fees on Preferred Shares in the Statements of Operations. All of the Funds&#146; VRDP Shares have successfully remarketed since issuance, with an annualized dividend rates for the six months ended January 31, 2012 as follows:</P>
<TABLE border=0 width=100% cellpadding=0 cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR valign="bottom">
     <TD STYLE="text-align: left; width: 48%; border-bottom: Black 1px solid; border-top: Black 1pt solid">&nbsp; </TD>
     <TD STYLE="text-align: center; width: 51%; border-bottom: Black 1px solid; text-align: right; border-top: Black 1pt solid"> <B>Rate&nbsp;&nbsp;</B></TD> </TR>
<TR valign="bottom">
     <TD align=left width=48%> MUJ</TD>
     <TD ALIGN="CENTER" WIDTH="51%" STYLE="text-align: right"> 0.30%</TD> </TR>
<TR valign="bottom">
     <TD align=left width=48%> MIY</TD>
     <TD ALIGN="CENTER" WIDTH="51%" STYLE="text-align: right"> 0.28%</TD> </TR>
<TR valign="bottom">
     <TD align=left width=48%> MJI</TD>
     <TD ALIGN="CENTER" WIDTH="51%" STYLE="text-align: right"> 0.30%</TD> </TR>
<TR valign="bottom">
     <TD align=left width=48% style="border-bottom:1px solid #000000;"> MPA</TD>
     <TD ALIGN="CENTER" WIDTH="51%" STYLE="border-bottom: #000000 1px solid; text-align: right"> 0.28%</TD> </TR> </TABLE><BR>
<P style="text-align: left;"> VRDP shares issued and outstanding remained constant for the six months ended January 31, 2012.</P>
<P style="text-align: left;"><B>VMTP Shares</B></P>
<P style="text-align: left;"> MFT has issued Series W-7 VMTP Shares, &#36;100,000 liquidation value per share, in a privately negotiated offering and sale of VMTP Shares exempt from registration under the Securities Act of 1933.</P>
<P style="text-align: left;"> The VMTP Shares issued for the six months ended January 31, 2012 were as follows:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%; margin-bottom: 12pt">
<TR valign="bottom">
     <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp; </TD>
     <TD STYLE="text-align: center; width: 18%; border-top: Black 1pt solid"> <B>Issue</B></TD>
     <TD STYLE="text-align: center; width: 18%; border-top: Black 1pt solid"> <B>Shares</B></TD>
     <TD STYLE="text-align: center; width: 18%; border-top: Black 1pt solid"> <B>Aggregate</B></TD>
     <TD STYLE="text-align: center; width: 18%; border-top: Black 1pt solid"> <B>Maturity</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp; </TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> <B>Date</B></TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> <B>Issued</B></TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> <B>Principal</B></TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> <B>Date</B></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> MFT</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> 12/15/11</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> 565</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> &#36;56,525,000</TD>
     <TD STYLE="text-align: center; border-bottom: #000000 1px solid"> 1/02/15</TD> </TR> </TABLE><BR>
<P style="text-align: left;">MFT is required to redeem its VMTP Shares on the term date, unless earlier redeemed or
repurchased or unless extended. There is no assurance that the term of the Fund&#146;s VMTP Shares will be extended or that
the Fund&#146;s VMTP Shares will be replaced with any other preferred shares or other form of leverage upon the redemption or
repurchase of the VMTP Shares. Six months prior to term date, the Fund is required to begin to segregate liquid assets with
the Fund&#146;s custodian to fund the redemption. In addition, the Fund is required to redeem certain of its outstanding VMTP
Shares if it fails to maintain certain asset coverage, basic maintenance amount or leverage requirements.</P>
<P style="text-align: left;"> Subject to certain conditions, the Fund&#146;s VMTP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The redemption price per VMTP Share is equal to the liquidation value per share plus any outstanding unpaid dividends and applicable redemption premium. If the Fund redeems the VMTP Shares on a date that is one year or more prior to the term date and the VMTP Shares are rated above A1/A+ by Moody&#146;s and Fitch respectively, (the &#147;Rating Agencies&#148;), then such redemption is subject to a scheduled redemption premium based on the time remaining to the term date, subject to certain exceptions for redemptions that are required to maintain minimum asset coverage requirements. The VMTP Shares are subject to certain restrictions on transfer, and the Fund may also be required to register the VMTP Shares for sale under the Securities Act of 1933 under certain circumstances. In addition, amendments to the VMTP governing document generally require the consent of the holders of VMTP Shares.</P>
<P style="text-align: left;"> Dividends on the VMTP Shares are payable monthly at a variable rate set weekly at a fixed rate spread to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA). The fixed spread is determined based on the long-term preferred share rating assigned to the VMTP Shares by the Rating Agencies. At the date of issuance, the VMTP Shares were assigned a long-term rating of Aaa from Moody&#146;s and AAA from Fitch. Moody&#146;s has announced a review of its rating methodologies with respect to investment company securities, and any amendments to its respective rating methodologies may adversely affect the Moody&#146;s current long-term ratings of the VMTP Shares. The dividend rate on the VMTP Shares is subject to a step-up spread if the Fund fails to comply with certain provisions, including, among others, the timely payment of dividends, redemptions or gross-up payments, and maintaining certain asset coverage and leverage requirements.</P>
<P style="text-align: left;"> The average annualized dividend rate of the VMTP Shares for the six months ended January 31, 2012 for MFT was 1.15%.</P>
<P style="text-align: left;"> For financial reporting purposes, VMTP shares are considered debt of the issuer; therefore, the liquidation value of VMTP Shares is recorded as a liability in the Statements of Assets and Liabilities. Unpaid dividends are included in interest expense and fees payable in the Statements of Assets and Liabilities, and the dividends paid on the VMTP Shares are included as a component of interest expense, fees and amortization of offering costs in the Statements of Operations. VMTP shares are treated as equity for tax purposes. Dividends paid to holders of VMTP Shares are generally classified as tax-exempt income for tax-reporting purposes.</P>
<P style="text-align: left;"><B>AMPS</B></P>
<P style="text-align: left;"> The AMPS are redeemable at the option of MUC, in whole or in part, on any dividend payment date at their liquidation preference per share plus any accumulated and unpaid dividends whether or not declared. The AMPS are also subject to mandatory redemption at their liquidation preference plus any accumulated and unpaid dividends, whether or not declared, if certain requirements relating to the composition of the assets and liabilities of a Fund, as set forth in each Fund&#146;s Articles Supplementary/Statement of Preferences (the &#147;Governing Instrument&#148;) are not satisfied.</P>
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<BR>
<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87>Notes to Financial Statements (concluded)</FONT></P>
<P style="TEXT-ALIGN: left">From time to time in the future, MUC may effect repurchases of its AMPS at prices below their liquidation preference as agreed upon by the Fund and seller. The Fund also may redeem its AMPS from time to time as provided in the applicable Governing Instrument. The Fund intends to effect such redemptions and/or repurchases to the extent necessary to maintain applicable asset coverage requirements or for such other reasons as the Board may determine.</P>
<P style="TEXT-ALIGN: left">MUC had the following series of AMPS outstanding, effective yields and reset frequency as of January 31, 2012:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">





  <tr valign=bottom>

    <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><b>Series</b></td>
    <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><b>AMPS</b></td>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><b>Effective</b><br>

<b>Yield</b></td>
    <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><b>Reset</b><br>

<b>Frequency</b><br>

<b>Days</b></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">MUC</td>
    <TD STYLE="width: 15%; text-align: center">A</td>
    <TD STYLE="width: 15%; text-align: center">1,251</td>
    <TD STYLE="width: 9%; text-align: right">0.13</td>
    <TD STYLE="width: 6%; text-align: left">%</td>
    <TD STYLE="width: 15%; text-align: center">7</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: center">B</td>
    <TD STYLE="text-align: center">2,527</td>
    <TD STYLE="text-align: right">0.13</td>
    <TD STYLE="text-align: left">%</td>
    <TD STYLE="text-align: center">7</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: center">C</td>
    <TD STYLE="text-align: center">2,084</td>
    <TD STYLE="text-align: right">0.12</td>
    <TD STYLE="text-align: left">%</td>
    <TD STYLE="text-align: center">7</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: center">D</td>
    <TD STYLE="text-align: center">1,928</td>
    <TD STYLE="text-align: right">0.12</td>
    <TD STYLE="text-align: left">%</td>
    <TD STYLE="text-align: center">7</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center">E</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center">2,370</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.13</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">%</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center">7</td>
  </tr>
</table><BR>
<P style="TEXT-ALIGN: left">Dividends on seven-day AMPS are cumulative at a rate, which is reset every seven based on the results of an auction. If the AMPS fail to clear the auction on an auction date, each Fund is required to pay the maximum applicable rate on the AMPS to holders of such shares for successive dividend periods until such time as the shares are successfully auctioned. The maximum applicable rate on the AMPS is as footnoted in the table below. The low, high and average dividend rates on the AMPS for each Fund for the period were as follows:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>Series</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>Low</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>High</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>Average</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MUC</TD>
     <TD STYLE="width: 15%; text-align: center">A<SUP>1</SUP></TD>
     <TD STYLE="width: 9%; text-align: right">0.11</TD>
     <TD STYLE="width: 6%; text-align: left">%</TD>
     <TD STYLE="width: 9%; text-align: right">0.31</TD>
     <TD STYLE="width: 6%; text-align: left">%</TD>
     <TD STYLE="width: 9%; text-align: right">0.20</TD>
     <TD STYLE="width: 6%; text-align: left">%</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: center">B<SUP>1</SUP></TD>
     <TD STYLE="text-align: right">0.11</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.31</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.20</TD>
     <TD STYLE="text-align: left">%</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-indent: 6px; text-align: center">C<SUP>1&nbsp;&nbsp;</SUP></TD>
     <TD STYLE="text-align: right">0.11</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.31</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.20</TD>
     <TD STYLE="text-align: left">%</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-indent: 6px; text-align: center">D<SUP>1&nbsp;&nbsp;</SUP></TD>
     <TD STYLE="text-align: right">0.11</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.31</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.20</TD>
     <TD STYLE="text-align: left">%</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-indent: 6px; text-align: center">E<SUP>1&nbsp;&nbsp;</SUP></TD>
     <TD STYLE="text-align: right">0.11</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.31</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.20</TD>
     <TD STYLE="text-align: left">%</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MFT</TD>
     <TD STYLE="text-align: center">A<SUP>1</SUP></TD>
     <TD STYLE="text-align: right">0.17</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.31</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.24</TD>
     <TD STYLE="text-align: left">%</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">B<SUP>2</SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1.29</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">%</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1.38</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">%</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1.32</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">%</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial">
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>1</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">The maximum applicable rate on this series of AMPS is the higher of 110% of the AA commercial paper rate or 110% of 90% of Kenny S&amp;P 30-day High Grade Index rate divided by 1.00 minus the marginal tax rate. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>2</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">The maximum applicable rate on this series of AMPS is the higher of 110% plus or times (i) the Telerate/BBA LIBOR or (ii) 90% of Kenny S&amp;P 30-day High Grade Index rate divided by 1.00 minus the marginal tax rate. </TD></TR></TABLE>
<P style="TEXT-ALIGN: left">Since February 13, 2008, the AMPS of the Funds failed to clear any of their auctions. As a result, the AMPS dividend rates were reset to the maximum applicable rate, which ranged from 0.11% to 1.38% for the six months ended January 31, 2012. A failed auction is not an event of default for the Funds but it has a negative impact on the liquidity of AMPS. A failed auction occurs when there are more sellers of a fund&#146;s AMPS than buyers. A successful auction for the Funds&#146; AMPS may not occur for some time, if ever, and even if liquidity does resume, holders of AMPS may not have the ability to sell the AMPS at their liquidation preference.</P>
<P style="TEXT-ALIGN: left">MUC may not declare dividends or make other distributions on Common Shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding AMPS is less than 200%.</P>
<P style="TEXT-ALIGN: left">MUC pays commissions of 0.15% on the aggregate principal amount of all shares that fail to clear their auctions and 0.25% on the aggregate principal amount of all shares that successfully clear their auctions. Certain broker dealers have individually agreed to reduce commissions for failed auctions. The commissions paid to those brokers dealers are included in remarketing fees on Preferred Shares in the Statements of Operations.</P>
<P style="TEXT-ALIGN: left">During the six months ended January 31, 2012, MFT announced the following redemptions of AMPS at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="width: 40%; text-align: left; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="width: 15%; text-align: left; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="width: 15%; text-align: center; border-top: Black 1pt solid"><B>Redemption</B></TD>
     <TD STYLE="width: 15%; text-align: center; border-top: Black 1pt solid"><B>Shares</B></TD>
     <TD STYLE="width: 15%; text-align: center; border-top: Black 1pt solid"><B>Aggregate</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Series</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Date</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Redeemed</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Principal</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MFT</TD>
     <TD STYLE="text-align: center">A</TD>
     <TD STYLE="text-align: center">1/10/12</TD>
     <TD STYLE="text-align: center">1,884</TD>
     <TD STYLE="text-align: center">47,100,000</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">B</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">1/5/12</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;&nbsp;377</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;9,425,000</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left">MFT financed the AMPS redemptions with the proceeds received from the issuance of VMTP Shares of $56,525,000.</P>
<P style="TEXT-ALIGN: left">AMPS issued and outstanding remained constant for the six months ended January 31, 2012 and the year ended July 31, 2011 for MUC.</P>
<P style="TEXT-ALIGN: left"><B>8. Subsequent Events:</B></P>
<P style="TEXT-ALIGN: left">Management&#146;s evaluation of the impact of all subsequent events on the Funds&#146; financial statements was completed through the date the financial statements were issued and the following items were noted:</P>
<P style="TEXT-ALIGN: left">The Funds paid a net investment income dividend in the following amounts per share on March 1, 2012 to Common Shareholders of record on February 15, 2012:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; border-top: Black 1pt solid; text-align: right"><B>Common Dividend <BR>
Per Share</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="width: 95%; text-align: left">MUC</TD>
     <TD STYLE="width: 2%; text-align: right">$</TD>
     <TD STYLE="width: 3%; text-align: left">0.0765&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MUJ</TD>
     <TD STYLE="text-align: right">$</TD>
     <TD STYLE="text-align: left">0.0740</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MFT</TD>
     <TD STYLE="text-align: right">$</TD>
     <TD STYLE="text-align: left">0.0710</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MIY</TD>
     <TD STYLE="text-align: right">$</TD>
     <TD STYLE="text-align: left">0.0765</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MJI</TD>
     <TD STYLE="text-align: right">$</TD>
     <TD STYLE="text-align: left">0.0720</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">MPA</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">0.0765</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left">The dividends declared on AMPS, VRDP or VMTP Shares for the period February 1, 2012 to February 29, 2012 were as follows:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">

  <tr valign=bottom>

    <TD STYLE="border-top: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; text-align: right"><b>Dividends</b></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center"><b>Series</b></td>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right"><b>Declared</b></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">MUC AMPS</td>
    <TD STYLE="text-align: left; width: 3%">&nbsp;</td>
    <TD STYLE="text-align: left; width: 7%">A</td>
    <TD STYLE="text-align: left; text-align: right; width: 3%">$</td>
    <TD STYLE="text-align: right; width: 9%">4,804</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">B</td>
    <TD STYLE="text-align: left; text-align: right">$</td>
    <TD STYLE="text-align: right">9,072</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">C</td>
    <TD STYLE="text-align: left; text-align: right">$</td>
    <TD STYLE="text-align: right">7,419</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">D</td>
    <TD STYLE="text-align: left; text-align: right">$</td>
    <TD STYLE="text-align: right">6,825</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">E</td>
    <TD STYLE="text-align: left; text-align: right">$</td>
    <TD STYLE="text-align: right">8,342</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">MUJ VRDP</td>
    <TD STYLE="text-indent: 12px; text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">W-7</td>
    <TD STYLE="text-align: left; text-align: right">$</td>
    <TD STYLE="text-align: right">46,242</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">MFT VMTP</td>
    <TD STYLE="text-indent: 12px; text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">W-7</td>
    <TD STYLE="text-align: left; text-align: right">$</td>
    <TD STYLE="text-align: right">50,943</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">MIY VRDP</td>
    <TD STYLE="text-indent: 12px; text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">W-7</td>
    <TD STYLE="text-align: left; text-align: right">$</td>
    <TD STYLE="text-align: right">31,844</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">MJI VRDP</td>
    <TD STYLE="text-indent: 12px; text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">W-7</td>
    <TD STYLE="text-align: left; text-align: right">$</td>
    <TD STYLE="text-align: right">17,244</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">MPA VRDP</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-indent: 12px; text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">W-7</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: right">$</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14,600</td>
  </tr>
</table><BR>
<P style="TEXT-ALIGN: left">On March 22, 2012, MUC issued 2,540 Series W-7 VMTP Shares, $100,000 liquidation value per share, with a maturity date of April 1, 2015 and total proceeds received of $254,000,000 in a privately negotiated offering and sale of VMTP Shares exempt from registration under the Securities Act of 1933 to finance the AMPS redemption.</P>
<P style="TEXT-ALIGN: left">On March 23, 2012, MUC announced the redemptions of AMPS at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date:</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1pt solid"><B>Aggregate</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: center"><B>Shares</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center"><B>Principal</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: center"><B>Redemption</B></TD>
     <TD STYLE="text-align: center"><B>to be</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center"><B>to be</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Series</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Date</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Redeemed </B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Redeemed</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">MUC</TD>
     <TD STYLE="width: 15%; text-align: center">A</TD>
     <TD STYLE="width: 15%; text-align: center">4/17/12</TD>
     <TD STYLE="width: 15%; text-align: center">1,251</TD>
     <TD STYLE="width: 5%; text-align: right">$</TD>
     <TD STYLE="width: 10%; text-align: right">31,275,000</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: center">B</TD>
     <TD STYLE="text-align: center">4/16/12</TD>
     <TD STYLE="text-align: center">2,527</TD>
     <TD STYLE="text-align: right">$</TD>
     <TD STYLE="text-align: right">63,175,000</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: center">C</TD>
     <TD STYLE="text-align: center">4/13/12</TD>
     <TD STYLE="text-align: center">2,084</TD>
     <TD STYLE="text-align: right">$</TD>
     <TD STYLE="text-align: right">52,100,000</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: center">D</TD>
     <TD STYLE="text-align: center">4/12/12</TD>
     <TD STYLE="text-align: center">1,928</TD>
     <TD STYLE="text-align: right">$</TD>
     <TD STYLE="text-align: right">48,200,000</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">E</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">4/18/12</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">2,370</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">59,250,000</TD></TR></TABLE><BR>
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<BR>
<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87><A NAME="a_013"></A>Officers and Directors</FONT><SUP><FONT color=#394c87>1</FONT></SUP></P>

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<DIV STYLE="margin-right: 2%; width: 48%; float: left;">

<P style="TEXT-ALIGN: left">Richard E. Cavanagh, Chairman of the Board and Director<BR>
Karen P. Robards, Vice Chairperson of the Board, Chairperson<BR>
&nbsp;&nbsp;&nbsp;of the Audit Committee and Director<BR>
Paul. L. Audet, Director<BR>
Michael J. Castellano, Director and Member of the Audit<BR>
&nbsp;&nbsp;&nbsp;Committee<BR>
Frank J. Fabozzi, Director and Member of the Audit<BR>
&nbsp;&nbsp;&nbsp;Committee<BR>
Kathleen F. Feldstein, Director<BR>
James T. Flynn, Director and Member of the Audit Committee<BR>
Henry Gabbay, Director<BR>
Jerrold B. Harris, Director<BR>
R. Glenn Hubbard, Director<BR>
W. Carl Kester, Director and Member of the Audit Committee<BR>
John M. Perlowski, President and Chief Executive Officer<BR>
Anne Ackerley, Vice President<BR>
Brendan Kyne, Vice President<BR>
Neal Andrews, Chief Financial Officer<BR>
Jay Fife, Treasurer<BR>
Brian Kindelan, Chief Compliance Officer and Anti-Money<BR>
&nbsp;&nbsp;&nbsp;Laundering Officer<BR>
Ira P. Shapiro, Secretary</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial">
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>1</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">John F. Powers, who was a Director of the Funds, resigned as of February 21, 2012. </TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="2 Column - 2nd Div" FSL="Workstation" -->
<BR></DIV><DIV style="margin-left: 2%; width: 48%; float: right;">

<P style="TEXT-ALIGN: left"><B>Investment Advisor</B><BR>
BlackRock Advisors, LLC<BR>
Wilmington, DE 19809<BR>
<BR>
<B>Sub-Advisor</B><BR>
BlackRock Financial Management, Inc.<BR>
New York, NY 10055<BR>
<BR>
<B>Custodians</B><BR>
State Street Bank and Trust Company<SUP>2</SUP><BR>
Boston, MA 02110<BR>
<BR>
The Bank of New York Mellon<SUP>3</SUP><BR>
New York, NY 10286<BR>
<BR>
<B>Transfer Agent</B><BR>
Common Shares<BR>
Computershare Trust Company, N.A.<BR>
Providence, RI 02940<BR>
<BR>
<B>AMPS Auction Agent</B><BR>
BNY Mellon Shareowner Services<BR>
Jersey City, NJ 07310<BR>
<BR>
<B>VRDP Tender and Paying Agent and</B><BR>
<B>VMTP Redemption and Paying Agent</B><BR>
The Bank of New York Mellon<BR>
New York, NY 10289<BR>
<BR>
<B>VRDP Liquidity Providers and Remarketing Agents</B><BR>
Citigroup Global Markets Inc.<SUP>4</SUP><BR>
New York, NY 10179<BR>
<BR>
Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated<SUP>5</SUP><BR>
New York, NY 10036<BR>
<BR>
<B>Accounting Agent</B><BR>
State Street Bank and Trust Company<BR>
Boston, MA 02110<BR>
<BR>
<B>Independent Registered Public Accounting Firm</B><BR>
Deloitte &amp; Touche LLP<BR>
Boston, MA 02116<BR>
<BR>
<B>Legal Counsel</B><BR>
Skadden, Arps, Slate, Meagher &amp; Flom LLP<BR>
New York, NY 10036<BR>
<BR>
<B>Address of the Funds</B><BR>
100 Bellevue Parkway<BR>
Wilmington, DE 19809</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial">
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>2</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">For MPA. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>3</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">For MUC, MUJ, MFT, MIY and MJI. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>4</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">For MIY and MPA. </TD></TR>
<TR>
     <TD vAlign=top width="2%" nowrap><SUP>5</SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%">For MUJ and MJI. </TD></TR>                                                <TR>
     <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
     <TD>&nbsp;</TD></TR>
</TABLE>

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<BR>
<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87><A NAME="a_014"></A>Additional Information</FONT></P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394c87>Dividend Policy</FONT></B></P>
<P style="TEXT-ALIGN: left">Each Fund&#146;s dividend policy is to distribute all or a portion of its net investment income to
its shareholders on a monthly basis. In order to provide shareholders with a more stable level of dividend distributions, the
Funds may at times pay out less than the entire amount of net investment income earned in any particular month and may at times
in any particular month pay out such accumulated but undistributed income in addition to net investment income earned in that
month. As a result, the dividends paid by the Funds for any particular month may be more or less than the amount of net investment
income earned by the Funds during such month. The Funds&#146; current accumulated but undistributed net investment income, if
any, is disclosed in the Statements of Assets and Liabilities, which comprises part of the financial information included in this
report.</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394c87>General Information</FONT></B></P>
<P style="TEXT-ALIGN: left">On June 10, 2010, the Manager announced that MUJ and MIY each received a demand letter from a law firm on behalf of Common Shareholders of MUJ and MIY. The demand letters allege that the Manager and officers and Boards of Directors of MUJ and MIY (the &#147;Boards&#148;) breached their fiduciary duties by redeeming at par certain of MUJ and MIY&#146;s Preferred Shares, and demanded that the Boards take action to remedy those alleged breaches. In response to the demand letter, the Boards established a Demand Review Committee (the &#147;Committee&#148;) of the Independent Directors to investigate the claims made in the demand letters with the assistance of independent counsel. Based upon its investigation, the Committee recommended that the Boards reject the demand specified in the demand letters. After reviewing the findings of the Committee, the Boards unanimously adopted the Committee&#146;s recommendation and unanimously voted to reject the demand.</P>
<P style="TEXT-ALIGN: left">The Funds do not make available copies of their Statements of Additional Information because the Funds&#146; shares are not continuously offered, which means that the Statement of Additional Information of each Fund has not been updated after completion of the respective Fund&#146;s offerings and the information contained in each Fund&#146;s Statement of Additional Information may have become outdated.</P>
<P style="TEXT-ALIGN: left">During the period, there were no material changes in the Funds&#146; investment objectives or policies or to the Funds&#146; charters or by-laws that would delay or prevent a change of control of the Funds that were not approved by the shareholders or in the principal risk factors associated with investment in the Funds. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Funds&#146; portfolios.</P>
<P style="TEXT-ALIGN: left">Quarterly performance, semi-annual and annual reports and other information regarding the Funds may be found on BlackRock&#146;s website, which can be accessed at http://www.blackrock.com. This reference to BlackRock&#146;s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock&#146;s website in this report.</P>
<P style="TEXT-ALIGN: left"><B>Electronic Delivery</B></P>
<P style="TEXT-ALIGN: left">Electronic copies of most financial reports are available on the Funds&#146; web-sites or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports by enrolling in the Funds&#146; electronic delivery program.</P>
<P style="TEXT-ALIGN: left"><B>Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:</B></P>
<P style="TEXT-ALIGN: left">Please contact your financial advisor to enroll. Please note that not all investment advisors, banks or brokerages may offer this service.</P>
<P style="TEXT-ALIGN: left"><B>Householding</B></P>
<P style="TEXT-ALIGN: left">The Funds will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called &#147;householding&#148; and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 441-7762.</P>
<P style="TEXT-ALIGN: left"><B>Availability of Quarterly Schedule of Investments</B></P>
<P style="TEXT-ALIGN: left">The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds&#146; Forms N-Q are available on the SEC&#146;s website at http://www.sec.gov and may also be reviewed and copied at the SEC&#146;s Public Reference Room in Washington, D.C. Information on how to access documents on the SEC&#146;s website without charge may be obtained by calling (800) SEC-0330. The Funds&#146; Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.</P>
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<BR>
<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87>Additional Information (concluded)</FONT></P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394c87>General Information (concluded)</FONT></B></P>
<P style="TEXT-ALIGN: left"><B>Availability of Proxy Voting Policies and Procedures</B></P>
<P style="TEXT-ALIGN: left">A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling (800) 441-7762; (2) at http://www.blackrock.com; and (3) on the SEC&#146;s website at http://www.sec.gov.</P>
<P style="TEXT-ALIGN: left"><B>Availability of Proxy Voting Record</B></P>
<P style="TEXT-ALIGN: left">Information about how the Funds voted proxies relating to securities held in the Funds&#146; portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC&#146;s website at http://www.sec.gov.</P>
<P style="TEXT-ALIGN: left"><B>Availability of Fund Updates</B></P>
<P style="TEXT-ALIGN: left">BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the &#147;Closed-end Funds&#148; section of http://www.blackrock.com. Investors and others are advised to periodically check the website for updated performance information and the release of other material information about the Funds.</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394c87>BlackRock Privacy Principles</FONT></B></P>
<P style="TEXT-ALIGN: left">BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, &#147;Clients&#148;) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.</P>
<P style="TEXT-ALIGN: left">If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.</P>
<P style="TEXT-ALIGN: left">BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.</P>
<P style="TEXT-ALIGN: left">BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.</P>
<P style="TEXT-ALIGN: left">We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.</P>
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<BR>
<P style="text-align: left;"> This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. The Funds have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares, and the risk that fluctuations in the short-term dividend rates of the Preferred Shares may reduce the Common Shares&#146; yield. Statements and other information herein are as dated and are subject to change.</P>
<P style="text-align: left;"> <IMG SRC="gopaperless.jpg" ALT=""><BR> </P>

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    <TD STYLE="width: 50%; text-align: left; vertical-align: middle"><P><FONT STYLE="font-size: 8pt; color: #231f20">#MHMYINS6-1/12-SAR</FONT></P>
</TD>
    <TD STYLE="width: 50%; text-align: right; vertical-align: bottom"><IMG BORDER="0" SRC="blackrocklogo.jpg"> </TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 5.4pt">Item 2 &ndash;</TD>
    <TD STYLE="width: 90%; padding-right: 5.4pt">Code of Ethics &ndash; Not Applicable to this semi-annual report</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">Item 3 &ndash;</TD>
    <TD STYLE="padding-right: 5.4pt">Audit Committee Financial Expert &ndash; Not Applicable to this semi-annual report</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">Item 4 &ndash;</TD>
    <TD STYLE="padding-right: 5.4pt">Principal Accountant Fees and Services &ndash; Not Applicable to this semi-annual report</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">Item 5 &ndash;</TD>
    <TD STYLE="padding-right: 5.4pt">Audit Committee of Listed Registrants &ndash; Not Applicable to this semi-annual report</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">Item 6 &ndash;</TD>
    <TD STYLE="padding-right: 5.4pt">Investments</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">(a) The registrant&rsquo;s Schedule of Investments is included as part of the Report to
    Stockholders filed under Item 1 of this Form.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">Item 7 &ndash;</TD>
    <TD STYLE="padding-right: 5.4pt">Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies &ndash; Not Applicable to this semi-annual report</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">Item 8 &ndash;</TD>
    <TD STYLE="padding-right: -0.25in">Portfolio Managers of Closed-End Management Investment Companies</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">(a) Not Applicable to this semi-annual report</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">Item 9 &ndash;</TD>
    <TD STYLE="padding-right: 5.4pt">Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers &ndash; Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">Item 10 &ndash;</TD>
    <TD STYLE="padding-right: 5.4pt">Submission of Matters to a Vote of Security Holders &ndash; There have been no material changes to these procedures.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">Item 11 &ndash;</TD>
    <TD STYLE="padding-right: 5.4pt">Controls and Procedures</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;(a) &ndash; The registrant&rsquo;s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant&rsquo;s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;(b) &ndash; There were no changes in the registrant&rsquo;s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">Item 12 &ndash;</TD>
    <TD STYLE="padding-right: 5.4pt">Exhibits attached hereto</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">(a)(1) &ndash; Code of Ethics &ndash; Not Applicable to this semi-annual report</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">(a)(2) &ndash; Certifications &ndash; Attached hereto</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;(a)(3) &ndash; Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;(b) &ndash; Certifications &ndash; Attached hereto</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin:0 0 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin:0 0 0 0">BlackRock MuniYield Michigan Quality Fund, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin:0 0 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: -0.25in">By:</TD>
    <TD STYLE="width: 46%; padding-right: -0.25in"><U>/s/ John M. Perlowski</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">John M. Perlowski</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">Chief Executive Officer (principal executive officer) of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">BlackRock MuniYield Michigan Quality Fund, Inc.</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin:0 0 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin:0 0 0 0">Date: April 2, 2012</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin:0 0 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin:0 0 0 0">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin:0 0 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: -0.25in">By:</TD>
    <TD STYLE="width: 46%; padding-right: -0.25in"><U>/s/ John M. Perlowski</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">John M. Perlowski</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">Chief Executive Officer (principal executive officer) of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">BlackRock MuniYield Michigan Quality Fund, Inc.</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin:0 0 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin:0 0 0 0">Date: April 2, 2012</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin:0 0 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: -0.25in">By:</TD>
    <TD STYLE="width: 46%; padding-right: -0.25in"><U>/s/ Neal J. Andrews</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">Neal J. Andrews</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">Chief Financial Officer (principal financial officer) of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">BlackRock MuniYield Michigan Quality Fund, Inc.</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin:0 0 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">Date: April 2, 2012</P>

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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>2
<FILENAME>e47776ex99cert.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
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<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: -0.25pt"><FONT STYLE="letter-spacing: -1pt; vertical-align: baseline"><B>EX-99.
CERT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; border-bottom: Black 0.75pt solid"><B>CERTIFICATION
PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">I, John M. Perlowski, Chief Executive
Officer (principal executive officer) of BlackRock MuniYield Michigan Quality Fund, Inc., certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>I have reviewed this report on Form N-CSR of BlackRock MuniYield Michigan Quality Fund, Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present
in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial
statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: -0.25pt">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: -0.25pt">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: -0.25pt">c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: -0.25pt">d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: -0.25pt">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: -0.25pt">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">Date: April 2, 2012</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 340pt 0pt 0; text-indent: -0.25pt"><U>/s/
John M. Perlowski&nbsp;</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: -0.25pt">John M. Perlowski <BR>
Chief Executive Officer (principal
executive officer) of<BR>
BlackRock MuniYield Michigan Quality Fund, Inc.</P>

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<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: -0.25pt"><FONT STYLE="letter-spacing: -1pt; vertical-align: baseline"><B>EX-99.
CERT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; border-bottom: Black 0.75pt solid"><B>CERTIFICATION
PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">I, Neal J. Andrews, Chief Financial
Officer (principal financial officer) of BlackRock MuniYield Michigan Quality Fund, Inc., certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>I have reviewed this report on Form N-CSR of BlackRock MuniYield Michigan Quality Fund, Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present
in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial
statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">Date: April 2, 2012</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 340pt 0pt 0; text-indent: -0.25pt"><U>/s/ Neal J. Andrews</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: -0.25pt">Neal J. Andrews<BR>
Chief Financial Officer (principal
financial officer) of<BR>
BlackRock MuniYield Michigan Quality Fund, Inc.</P>

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<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>e47776ex99_906cert.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt">Exhibit 99.1350CERT</P>

<P STYLE="font: 11pt/11pt Times New Roman, Times, Serif; margin: 0 0 11pt">&nbsp;</P>

<P STYLE="font: 11pt/11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center"><B>Certification Pursuant to Rule
30a-2(b) under the 1940 Act and<BR>
Section 906 of the Sarbanes-Oxley Act of 2002</B></P>

<P STYLE="font: 12pt/11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: justify">Pursuant to 18 U.S.C. &sect; 1350,
the undersigned officer of BlackRock MuniYield Michigan Quality Fund, Inc. (the &ldquo;registrant&rdquo;), hereby certifies, to
the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended January 31, 2012 (the &ldquo;Report&rdquo;)
fully complies with the requirements of Section 13a of the Securities Exchange Act of 1934, as amended, and that the information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt">Date: April 2, 2012</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 340pt 0pt 0; text-indent: -0.25pt"><U>/s/ John M. Perlowski</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">John M. Perlowski</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Executive Officer (principal executive officer) of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">BlackRock MuniYield Michigan Quality Fund, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: justify">Pursuant to 18 U.S.C. &sect; 1350,
the undersigned officer of BlackRock MuniYield Michigan Quality Fund, Inc. (the &ldquo;registrant&rdquo;), hereby certifies, to
the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended January 31, 2012 (the &ldquo;Report&rdquo;)
fully complies with the requirements of Section 13a of the Securities Exchange Act of 1934, as amended, and that the information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt">Date: April 2, 2012</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 340pt 0pt 0; text-indent: -0.25pt"><U>/s/ Neal J. Andrews</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Neal J. Andrews</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer (principal financial officer) of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">BlackRock MuniYield Michigan Quality Fund, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">This certification is being furnished pursuant to Rule 30a-2(b)
under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR
with the Securities and Exchange Commission<B>.</B></P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
